Ethereum retains prices above $3K as ETH dominates BTC’s price action

Ethereum price analysis for March 24 comes on a bullish note for the token as the chances of ETH remaining above the $3 price level are quite high. Moreover, as noted in our ETH prices analysis for March 23, 2022, the $3K price level is very important for the investors and needs to be watched over. It can be confirmed that the nearest support for the token stands at a price of $2.8K which currently holds strong.

The data from CoinMarketCap shows that the trading volume of Ethereum surged 16.22% in the last 24 hours, and there was a nearly 3.06% rise in the market cap. Furthermore, the Market Dominance has surged to 18.67%, as the Volume / Market Cap Ratio has a value of 0.04625.

The daily candle for Ethereum opened at a price of $3035 and reached a daily high of $3081. Moreover, the daily low for the token stands at a price of $2999. The current price of a single ETH token is $3048. 

Ethereum price analysis for March 24 on the daily chart

Ethereum price analysis for March 24 will make use of 3 of the most important indicators in the crypto space.

Source: TradingView

The MACD indicator shows that the MACD line is above the signal line as the chances of the token remaining bullish are quite high. The MACD histogram is also bullish with green bullish bars. 

The price action for Ethereum aims to break out of the upper end of the Bollinger Bands which would occur when the token would break out of the $3.3K price level.

The RSI indicator shows a value of 62.22 which means that the bulls are in control and the gradient of the line suggests that higher prices will be seen in the near future for Ethereum.

Conclusion

The Ethereum price analysis for March 24 ends on a bullish note for the token as chances of retaining prices above $3K are high.