Ethereum sell-off in motion, falls below $2.9K: Is the bottom in?

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Ethereum price analysis for Feb 14, 2022, comes with a bearish analysis for the world’s second-biggest cryptocurrency. It is possible that the token might fall further in the coming days if Bitcoin drops below $40K. On the other hand, the Bitcoin price analysis for Feb 14 is also bearish. 

The data from CoinMarketCap shows that the price of 1 ETH at the time of writing is $2865 and has dropped 1.52% in the last 24 hours. The trading volume of the token has dropped 10.48%, while the market cap of the token fell 1.73%. It seems that the token might remain bearish in the coming days.

The daily candle for Feb 14 was initiated at a price of $2871 and reached a daily high of $2893. On the other hand, the Market Dominance stands at 18.36%, while the Volume / Market Cap Ratio stands at $0.02829.

Ethereum price analysis on the daily chart

The Ethereum daily chart below shows that the RSI token has dropped into the bearish zone with a current reading of 45.96. It seems that the market is experiencing another bearish setback.

Ethereum price analysis

Source: TradingView

The MACD indicator shows that the MACD line (blue) is nearing the signal line (orange), and traders can expect lower prices. If the former breaks below the latter, traders might see a bearish divergence take place.

Ethereum price analysis

Source: TradingView

The price action is falling from the upper end of the Bollinger Bands and might drop into the bearish zone of the Bands. Currently, the bears are testing the middle zone of the Bands.

Ethereum price analysis

Source: TradingView

Conclusion

Ethereum price analysis for Feb 14 is concluded on a bearish note as the token was unable to push through the $3.3K price level, as seen in our ETH price analysis for Feb Feb 8, 2022. We can expect the token to try and reclaim the lost support level of $3.1K in the coming days, but at the time of writing, ETH is dancing to a bearish tone.

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