Ethereum finds resistance at $2.8K, downtrend continues for ETH

Ethereum price analysis for March 10, 2022, comes riding a bullish prediction for the token but it is important to note that the short-term analysis for the token shows that the situation is very risky to trade. As the market remains in fear of a world war and inflation, the chances of ETH reaching new all-time highs in the coming months are not very high. As noted in our ETH price analysis for March 9, 2022, the nearest price support is $2.5K.

The data from CoinMarketCap shows that the trading volume of the token has shot up by 1.99% in the last 24 hours, which was followed by a 3.23% surge in the market cap. It is also important to note that the Market Dominance of the token has drooped to 17.69%, while the Volume / Market Cap Rato has a value of 0.04355. 

The daily candle for ETH opened at a price of $2726 and reached a daily high of $2733. Furthermore, the daily low for the token stands at a price of $2652. Meanwhile, the price of 1 ETH at the time of writing stands at $2667. It is also important to note that Ethereum is nearly 44.88% low than the all-time high of $4900. 

Ethereum price analysis for March 10 on the daily chart

The daily chart below will make use of 3 of the most important indicators on the daily chart to trace out the future price path that ETH might follow.

Source: TradingView

The MACD indicator shows that the signal and MACD line is touching each other showing an uncertain market. 

The RSI line has a value of 46.76 which means that bears are in charge overall and the gradient of the line is negative for today. 

The price action failed to break above the middle zone of the Bollinger Bands for Ethereum and have dropped to the lower end of the Bands. 

Conclusion

The Ethereum price analysis for March 10, 2022, confirms that ETH remains sluggish finding major resistance between $2.8K-$3K.