Ethereum nears $2.8K price level: What to expect from ETH?

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Ethereum price analysis for March 17, 2022, confirms that the token turned bullish in the last 24 hours and made 3 bullish green candles on the daily chart. However for today, the price action for the Ether token is situated just below the important price resistance of $2.8K and chances of ETH breaking out of this level seem quite low. Moreover, TheCoinRise noted in our ETH price analysis for March 16th that the bulls tried to turn $2.7K into another support region for the price action.

The data from CoinMarketCap shows that the trading volume of Ethereum surged 8.98% in the last 24 hours, and there was a 4.71% rise in the market cap. Furthermore, the Market Dominance has increased to 18.23%, as the Volume / Market Cap Ratio has a value of 0.0484 today.

The daily candle for Ethereum opened at a price of $2773 and reached a daily high of $2787. Moreover, the daily low for the token stands at a price of $2752. The current price of a single ETH token is $2772. 

Ethereum price analysis for March 17 on the daily chart

Ethereum price analysis for March 17, 2022, will be implemented using 3 major indicators on the daily chart.

Ethereum price analysis

Source: TradingView

The MACD indicator on the daily chart shows that the MACD line broke above the signal line, confirming a bullish divergence for the cryptocurrency.

Moreover, the RSI indicator shows a value of 53.12 which means that the bulls are once again in control as the gradient of the line suggests that ETH’s movement above $2.8K needs significant buying pressure.

The price action broke out into the upper end of the Bollinger Bands after successfully retesting the middle zone. Investors can see that Ethereum price action is currently controlled by the bulls.

Conclusion

Ethereum price analysis for March 17, 2022, confirms that the world’s 2nd biggest cryptocurrency might fail to break $2.8K if buyers don’t keep up.

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