Ethereum falls below $3K as chances of retesting $2.8K are high

Ethereum price analysis for March 23, 2022, comes on a bearish note for the token as the world’s 2nd crypto has lost the $3K price level. This is not a bullish scenario for ETH as $3K is an important price level for the token. After losing this price level, we can expect to retrace its steps back to the $2.8K price level. Moreover, the ETH price analysis for March 22, 2022, also noted that the token made an attempt to consolidate above $3K but it seems that it failed.

The data from CoinMarketCap shows that the trading volume of Ethereum surged 3.98% in the last 24 hours, and there was a nearly 1.04% rise in the market cap. Furthermore, the Market Dominance has dropped to 18.60%, as the Volume / Market Cap Ratio has a value of 0.04697.

The daily candle for Ethereum opened at a price of $2969 and reached a daily high of $2992. Moreover, the daily low for the token stands at a price of $2925. The current price of a single ETH token is $2989. 

Ethereum price analysis for March 23 on the daily chart

Ethereum price analysis for March 23, 2022, will be making use of the readings from the following indicators on the daily chart.

Source: TradingView

The MACD indicator confirms that the MACD is above the signal line which means that the bulls are in control. The MACD histogram is also bullish with green bars. 

The RSI indicator shows a value of 50.58 which means that the bulls and bears are evenly matched and selling pressure is gradually increasing. 

The price action attempts to break out of the upper end of the Bollinger Bands but the chances of Ethereum actually breaking out depends on the fact if it breaks out into the $3K price level.

Conclusion

Ethereum price analysis for March 23, 2022, ends on a sluggish note for ETH which faces massive resistance at $3K as chances of retesting $2.8K seem high.