Ethereum once again above $2.6K after a successful retest of $2.5K

Ethereum price analysis for March 9, 2022, confirms that the token world’s second-biggest cryptocurrency has successfully retested the support of $2.5K, noted in our ETH price analysis for March 8, 2022. There are chances of another dip coming in the coming if the trading volume doesn’t pick up soon and ETH breaks above $3.3K, which has been a resistance level for a long time.

The data from CoinMarketCap shows that the trading volume of the token has risen by 5.47% in the last 24 hours, which was followed by a 3.21% surge in the market cap. It is also important to note that the Market Dominance of the token has risen to 17.82%, while the Volume / Market Cap Rato has a value of 0.04411. 

The daily candle for ETH opened at a price of $2575 and reached a daily high of $2625. Furthermore, the daily low for the token stands at a price of $2567. Meanwhile, the price of 1 ETH at the time of writing stands at $2612 which is nearly 46.57% low than the all-time high of $4900. 

Ethereum price analysis for March 9 on the daily chart

The daily chart below uses three major indicators that will help us predict the future price traject that Ethereum might follow.

Source: TradingView

The MACD indicator shows that the MACD line remains below the signal line although the two are very close which means that the chances of ETH bullish divergence on the daily chart are very high.

The RSI line shows a reading of 44.50 which means that the gradient of the line is positive. Moreover, the Ethereum holders might witness the token making higher prices today.

The price action aims to retest the middle zone of the Bollinger Bands which might lead to higher prices if the Ethereum token enters the bullish zone of the Bands.

Conclusion

Ethereum price analysis for March 9, 2022, confirms that the token is still in a downtrend although once again the indicators are turning bullish.