Ethereum once again below $2.9K: Wait or buy ETH now?

Ethereum price analysis for Feb 18, 2022, can be concluded on a bearish note for the token as ETH fell below $3K after Bitcoin also fell below $41K. The entire crypto market seems to be going through a tough time as ETH was unable to break above the $3.2K price level, as seen in our ETH price analysis for Feb 17, 2022. However, bearish trends are the best to accumulate more. 

The data from CoinMarketCap shows that the trading volume of the world’s second-biggest cryptocurrency has surged 36.47% in the last 24 hours, followed by a 7.07% drop in the market cap. It is also important to note that the Market Dominance of the token rests at 18.71%, while the Volume / Market Cap Ratio stands at 0.04751.

The daily candle for Ethereum opened at a price of $2891 and reached a daily high of $2920. Moreover, the daily low for the token stands at $2861. At the time of writing, the price of 1 ETH stands at $2898. 

Ethereum price analysis on the daily chart

The Ethereum price analysis for Feb 18, 2022, uses 3 indicators that are very important to predict the price trajectory of the token in the coming days.

Source: TradingView

The MACD indicator shows that the MACD line (blue) is touching the signal line (orange), which means that if ETH loses support at $2.8K, we might see a bearish divergence.

The RSI indicator has dipped into the bearish zone, and the value of the RSI is 47.14. Moreover, the gradient of the line was negative overall but now has turned towards more of a neutral side. 

The price action broke below the middle zone of the Bollinger Bands but now aims to retest the middle zone to once again aim to breach out of the upper end of the Bands.

Conclusion

It is imperative that Ethereum recaptures $3K and breaks $3.3k, or prices might once again turn bearish overall. Traders need to wait while investors should buy.