Ethereum hovering above $2.5K: As $2.6K turns into resistance

Cryptocurrency Price analysis and Prediction

March 11, 2022

Cryptocurrency Price analysis and Prediction

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Ethereum price analysis for March 11, 2022, brings a bearish analysis for investors as the token once again failed to break above $3K. It is also important to note that as seen in our ETH price analysis for March 10, 2022, the token was unable to push through the $2.8K resistance level. There are increased chances that ETH might continue to fall further as the entire crypto market remains in the red.

The data from CoinMarketCap shows that the trading volume of the token has declined by 7.70% in the last 24 hours, which was followed by a 5.52% drop in the market cap. It is also important to note that the Market Dominance of the token has moved up a little and is now at 17.71%, while the Volume / Market Cap Rato has a value of 0.04247.

The daily candle for ETH opened at a price of $2606 and reached a daily high of $2610. Furthermore, the daily low for the token stands at a price of $2561. Meanwhile, the price of 1 ETH at the time of writing stands at $2573. The all-time high of Ethereum was at $4900, witnessed in November.

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Ethereum price analysis for March 11 on the daily chart

Ethereum price analysis for March 11, 2022, will use the most dominant indicators in the technical analysis space.

Source: TradingView

The MACD indicator shows that the MACD line remains below the signal line for the token which means that conditions are bearish.

The RSI indicator shows a value of 43.80 which means that the selling pressure is high. The gradient of the line is negative which means that lower prices will be witnessed today.