Ethereum trading volume jumps as ETH tries to breach $2.7K

Ethereum price analysis for March 16 confirms that ETH might turn bullish if the similar situation intensifies, chances of which seem low.
Ethereum price analysis for March 16 confirms that ETH might turn bullish if the similar situation intensifies, chances of which seem low.

Ethereum price analysis for March 16, 2022, opens on a slightly positive note for the token as Ether has confirmed a resistance at $2.7K while a major support at $2.5K. The sluggish price action of the token has been prevalent for days and volatility in the market has died. Moreover, as noted in our ETH price analysis for March 15, 2022, the token is back to June price level when prices for the token dipped below $3K.

The data from CoinMarketCap shows that the trading volume of Ethereum surged 13.74% in the last 24 hours, and there was a 0.84% rise in the market cap. Furthermore, the Market Dominance has increased to 17.95%, as the Volume / Market Cap Ratio can be seen at 0.04055 today.

The daily candle for Ethereum opened at a price of $2617 and reached a daily high of $2629. Moreover, the daily low for the token stands at a price of $2603. The current price of a single ETH token is $2613. 

Ethereum price analysis for March 16 on the daily chart

Ethereum price analysis for March 16, 2022, will use the 3 major indicators in the crypto space to track the movement of the token.

Ethereum price analysis
Source: TradingView

The MACD indicator shows that the MACD line and the signal are nearly overlapping but the MACD line prevails and if the token maintains its position above $2.6K, we might see a clear bullish divergence.

The RSI indicator reads a value of 46.46 which means that the bears are pushing forwards as the gradient of the line is also slightly positive for today.

Moreover, the price action for Ethereum is situated in the lower end of the Bollinger Bands but chances are that they might test the middle zone of the Bands in the coming days.

Conclusion

Ethereum price analysis for March 16, 2022, confirms that the Ether token might turn bullish if the similar situation intensifies, chances of which seem low.

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