Ethereum price analysis on the daily chart for Feb 16, 2022, is quite bullish as the world’s biggest cryptocurrency rose 3.7% in the last 24 hours. On the other hand, in our Ethereum price analysis for Feb 15, we saw ETH reclaim 3K. It seems that the bulls are gradually moving towards the important resistance level of $3.3K, which remains unbroken as of now.
The data from CoinMarketCap shows that the trading volume of the world’s second-biggest cryptocurrency rose 0.05% in the last 24 hours, followed by a 3.81% surge in the market cap. Moreover, the Market Dominance of the token currently stands at 18.87%, while the Volume / Market Cap Ratio has a value of 0.03533.
The daily candle for Ethereum opened at a price of $3183 and reached a daily high of $3184. Moreover, the daily low for the token rests at $3125. At the time of writing, the price of 1 ETH stands at $3105.
Ethereum price analysis on the daily chart
Ethereum price analysis on the daily chart shows that the bulls have successfully retested the middle zone of the Bollinger Bands, and now, ETH aims to break out of the upper end of the Bands.
The MACD indicator shows that the MACD line (blue) continues to progress above the signal line (orange), which is a bullish scenario. Moreover, the MACD histogram is also bullish with green bars.
The RSI indicator continues to make higher highs but, the current gradient of the line is slightly negative, which means that traders can expect lower prices today.
Conclusion
Ethereum price analysis for Feb 16, 2022, can be concluded on a bullish note for the near future. However, it is also important to note that unless the resistance at $3.3K is not broken, traders cannot expect ETH to form an uptrend. On the whole, TheCoinRise advises investors to remain cautious until ETH nears $4K resistance.
