Ethereum retests $2900: Will ETH hold or fall more?

Ethereum price analysis for March 3 confirms that the token has turned bearish with a 3.92% price drop in the last 24 hours. Moreover, the token now aims to retest the $2900 price level, and if this level is tested successfully as support, the token might once again make a move towards $3000. The data from our ETH price analysis for March 2 confirms that the token might fail to break above the $3k price level.

The data from CoinMarketCap shows that the trading volume of the token has dropped 16.46% in the last 24 hours, followed by a 3.85% drop in the market cap. Moreover, the Volume / Market Cap Ratio has a value of 0.04541, while the market dominance of the token surged to 18.23%.

The daily candle for Ethereum opened at a price of $2947 and reached a daily high of $2970. Moreover, the daily low for the token rests at $2886, while the price of 1 ETH at the time of writing is $2901, which is around 40.72% low from the all-time high. 

Ethereum price analysis for March 3 on the daily chart

Ethereum price analysis for March 3 will be using three major indicators which will hint at the future price trajectory of the token.

Source: TradingView

The MACD indicator shows that the MACD line is progressing above the signal line, which means that the bulls are still in charge as the histogram remains green. 

The RSI line has a value of 52.16 which means that the bulls are in control, but the gradient of the line is negative. This means that lower prices will follow. 

The price action has broken above the middle zone of the Bollinger Bands and now aims for the upper region. If successful, we might see a bullish breakout in the near future. 

Conclusion

Our Ethereum price analysis for March 3 can be confirmed on a bearish note as the ETH token retests $2.9K, which might not hold as support.