Ethereum forms third bullish daily candle: Can ETH break above $3K?

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Ethereum price analysis for March 2 brings a bullish analysis for the world’s 2nd biggest cryptocurrency, which has shot up by more than 2% in the last 24 hours, giving minute gains to the investors. Moreover, as noted in our ETH price analysis for March 1, the token has been outperformed by Bitcoin in recent days as the $3K resistance seems a bit too much for ETH. 

The data from CoinMarketCap shows that the trading volume of the token has dropped 6.85% in the last 24 hours, followed by a 2.97% surge in the market cap. Moreover, the Volume / Market Cap Ratio has a value of 0.05108, while the market dominance of the token dropped to 18.20%.

The daily candle for Ethereum opened at a price of $2976 and reached a daily high of $2997.66. Moreover, the daily low for the token rests at $2914, while the price of 1 ETH at the time of writing is $2997.24, which is around 39.84% low from the all-time high. 

Ethereum price analysis for March 2 on the daily chart

Ethereum price analysis for March 2 will be using around three major indicators of utmost important in the crypto space.

Ethereum price analysis

Source: TradingView

Ethereum RSI has a value of 55.84 which means that the bulls are in charge of the price action, and the gradient of the slight is declining today, which means prices will be sluggish. 

The MACD line has broken above the signal line, which means that higher prices might be possible in the coming days. 

The price action has moved to the upper end of the Bollinger Bands, which means that the bulls might make an attempt to break out of the upper end of the Bands, under the condition that $3K is reclaimed as support. 

Conclusion

Ethereum price analysis for March 2, 2022, confirms that ETH remains below $3K while indicators point to sluggishness. In order to break above $3K, a higher volume is needed.