Ethereum struggling to maintain prices above $2.8K: What’s next?

Ethereum price analysis for March 18, 2022, confirms that the world’s 2nd biggest cryptocurrency is struggling to maintain prices above $2.8K which is currently trying its best to hold as support. In this ETH price analysis, we will try to analyze the future price trajectory that the Ether token might follow in the near future. Moreover, as noted in our ETH price analysis for March 17, the bulls have turned $2.7K into support.

The data from CoinMarketCap shows that the trading volume of Ethereum dropped 19.91% in the last 24 hours, and there was a 1.46% rise in the market cap. Furthermore, the Market Dominance has increased to 18.44%, as the Volume / Market Cap Ratio has a value of 0.03784.

The daily candle for Ethereum opened at a price of $2611 and reached a daily high of $2813. Moreover, the daily low for the token stands at a price of $2765. The current price of a single ETH token is $2806. 

Ethereum price analysis for March 18 on the daily chart

Ethereum price analysis for March 18, 2022, will take into consideration the numerous readings from indicators on the daily chart as seen in the image below.

Source: TradingView

The RSI indicator shows a value of 54.38 as the gradient of the line suggests that the bulls are gradually losing their stamina. It is possible to see ETH end daily candle below $2.8K.

Moreover, the MACD line has broken above the signal line confirming a bullish divergence. Also, the MACD histogram has turned bullish.

The price action for Ethereum surged above the middle zone of the Bollinger Bands which means that the bulls might once again retest the middle in order to break out from the upper region.

Conclusion

The Ethereum price analysis for Mar 18, 2022, ends on a sluggish note for the token as the bulls and the bears continue to struggle over the $2.8K price level which ETH might lose today.