Ethereum retests $2.5K: ETH indicators show a bearish breakout possible

Ethereum price analysis for Feb 24, 2022, comes with bearish news for the investors as the token failed to break above the important price level of $2.9K and now, has fallen back to the nearest support of $2.5K. As seen in our ETH price analysis for Feb 23 confirms that the $2.8K-$2.9K price level is a major resistance for the world’s second-biggest cryptocurrency. 

The data from CoinMarketCap shows that the trading volume of the token has dropped 9.59% in the last 24 hours, followed by a 2.21% drop in the market cap in the same time period. Furthermore, the Volume / Market Cap Ratio of the token stands at a value of 0.04562, while the Market Dominance rests at 18.32%. 

The daily candle for Ethereum opened at a price of $2579 and reached a daily high of $2593. Moreover, the daily low for the token rests at $2546. The price level of $2.5K is holding as support. The price of 1 ETH at the time of writing is $2565. 

Ethereum price analysis on the daily chart for Feb 24

Ethereum price analysis on the daily chart for Feb 24 confirms that the token has turned bearish. But, we will implement a deeper analysis using 3 major indicators.

Source: TradingView

The MACD indicator shows that the MACD line (blue) continues below the signal line (Orange), which means that the bears are in control. The MACD indicator is also red and bearish in nature. 

The RSI shows a value of 38.12, while the gradient of the line is negative. This means that bears are in charge, and chances of Ethereum breaking below $2.5K are relatively high. 

The price action is also testing the lower end of the Bollinger Bands and with bears in charge, there is a greater chance of a bearish breakout. 

Conclusion

Ethereum price analysis for Feb 24 can be concluded on a bearish note, although the $2.5K price level holds as support.