Ethereum nears June 2021 levels: $2.5K needs to hold strong

Ethereum price analysis
Ethereum price analysis for March 15 confirms that prices will remain in a similar state until a breakout on either side is not witnessed.

Ethereum price analysis for March 15, 2022, confirms that the world’s 2nd biggest cryptocurrency has turned bearish as the first quarter of 2022 nears its end. The ETH token has remained above the $2.5K support for now but if the conditions remain bearish, chances of a price crash are high. We noted on our ETH price analysis for March 14 that the ETH token retained $2.5K but the question is for how long?

The data from CoinMarketCap shows that the trading volume of Ethereum surged 5.64% in the last 24 hours, and there was a 0.80% drop in the market cap. Furthermore, the Market Dominance has dropped to 17.74%, as the Volume / Market Cap Ratio can be seen at 0.03577 today.

The daily candle for Ethereum opened at a price of $2589 and reached a daily high of $2602. Moreover, the daily low for the token stands at a price of $2537.10. The current price of a single ETH token is $2555.56. 

Ethereum price analysis for March 15 on the daily chart

Ethereum price analysis for March 15, 2022, will be carried out using the major indicators in the crypto space which can be seen on the chart below.

Ethereum price analysis
Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other as the fight between the bulls and the bears continues. 

The RSI indicator shows a value of 44.10 which means that the entire price action for Ethereum is stuck at a certain zone between a strong resistance and strong support. The gradient of the line today is slightly negative with chances of further drop.

Moreover, the price action for Ethereum is situated in the lower end of the Bollinger Bands which means that a price crash can be witnessed in the near future. 

Conclusion

Ethereum price analysis for March 15, 2022, confirms that the price action will remain in a similar state until a breakout from either side is not witnessed.

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