Ethereum prices remain below $2.7K: What to expect from ETH?

Ethereum price analysis for Feb 23, 2022, confirms that the world’s second-biggest cryptocurrency has turned bullish and now aims to reclaim $3K. However, it won’t be easy to reclaim that price level because of major resistance. As seen in our ETH price analysis for Feb 22, 2022, the token bounced off from the $2.5K price level. 

The data from CoinMarketCap shows that the trading volume of the token has dropped 30.11% in the last 24 hours, followed by a 4.41% drop in the market cap. Moreover, the Market Dominance of the token rests at 18.43%, while the Volume / Market Cap Rato has a value of 0.04537. 

The daily candle for ETH opened at a price of $2636 and reached a daily high of $2750. Furthermore, the daily low for the token stands at a price of $2597. Meanwhile, the price of 1 ETH at the time of writing stands at $2741. 

Ethereum price analysis for Feb 23 on the daily chart

The daily chart below uses 3 major indicators to predict the future prices for the token. Moreover, these indicators are not 100% successful.

Source: TradingView

The RSI indicator shows a value of 44.87 which means that the token is now aiming for the middle zone where bulls and bears match. Furthermore, the gradient of the line is positive for today, which means that higher prices will follow in the near future. 

The MACD indicator shows that the MACD line (blue) continues to progress below the signal line (orange) which means that the bears are still in charge of the price action and lower prices are possible. 

The price action once again has started to test the middle zone of the Bollinger Bands, and the chances of Ethereum breaking this zone are not very high for now. 

Conclusion

Ethereum price analysis for Feb 23, 2022, can be concluded on a bearish note for the token, which has fallen by more than 44.56% from its all-time high.