Ethereum turns sluggish as chances of losing $3.4K seem quite high

Ethereum price analysis for March 31, 2022, begins on an overall bullish note for the world’s 2nd biggest crypto as ETH aims to consolidate prices above the $3.4K price level. However, the chances of losing this level seem high as ETH buying pressure is gradually dying. Moreover, TheCoinRise also noted in our ETH price analysis for March 30, that the price action for ETH is facing heavy resistance right now and a crash might be possible if the situation doesn’t turn around. 

The data from CoinMarketCap shows that the trading volume of Ethereum dropped 24.37% in the last 24 hours, and there was a nearly 0.47% surge in the market cap. Furthermore, the Market Dominance has dropped to 18.98%, as the Volume / Market Cap Ratio has a value of 0.03626.

The daily candle for Ethereum opened at a price of $3385 and reached a daily high of $3424. Moreover, the daily low for the token stands at a price of $3378. The current price of a single ETH token is $3400. 

Ethereum price analysis for March 31 on the daily chart

Ethereum price analysis for March 31 will take into account the reading from the indicators below which will help us place the pattern for ETH.

Source: TradingView

The RSI indicator on the chart below shows a value above 72 which means that the ETH token is currently overbought and the gradient of the line suggests that price action remains sluggish.

The MACD indicator shows that the MACD line and the signal line are not very close but the situation is bullish as the MACD histogram is also filled with green bars. 

The price action is situated in the upper end of the Bollinger Bands and a surge in selling pressure might cause a breakout for Ethereum in the near future. 

Conclusion

Ethereum price analysis for March 31, 2022, ends on a slightly sluggish note for the token as chances of losing $3.4K seem quite high for the near future.