Ethereum price analysis for March 1 comes on a bullish note for the token, which has risen by nearly 11% in the last 24 hours. Moreover, it is also important to note that as seen in our ETH price analysis for February 28, the token ended Feb on a bullish note after breaking above the $2.7K price level. However, as seen in our BTC price analysis for March 1, BTC has outperformed ETH.
The data from CoinMarketCap shows that the trading volume of the token has surged 18.02% in the last 24 hours, followed by an 11.45% surge in the market cap. Moreover, the Volume / Market Cap Ratio has a value of 0.0565, while the market dominance of the token dropped to 18.32%.
The daily candle for Ethereum opened at a price of $2920 and reached a daily high of $2974. Moreover, the daily low for the token rests at $2889, while the price of 1 ETH at the time of writing is $2916, which is around 40.31% low from the all-time high.
Ethereum price analysis on the daily chart for March 1
Ethereum price analysis for February 28, 2022, will make use of 3 major indicators in the crypto space, which have been used for a long time among traders.
The MACD indicator shows that the MACD line has broken above the signal line, which means that a bullish divergence has occurred, turning the prices bullish for Ethereum.
The RSI line reads a value of 53.23 which means that the token has entered the bullish region where bulls have the upper hand. ETH might try to break above $3K in the near future.
The token has entered the bullish zone of the Bollinger Bands, which means that the buying pressure is very high, and demand has also increased.
Conclusion
Ethereum price analysis for March 1, 2022, can be concluded on a bullish note for ETH, but the token needs to break above $3.3K to confirm an uptrend.
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