Ethereum Price Prediction 2022 | 3 March | ETH Market Update

Ethereum Price Prediction 2022 | 3 March | ETH Market Update

Following two consecutive higher sessions, the Ethereum Price Prediction 2022 remains subdued in today’s session. Price appears to have taken a breather before charging toward the swing highs of $3,057.81. The crypto markets are ruled by market uncertainty and volatility as investors await two key events.

Let’s dig into the Ethereum’s Technical Movement.

Ethereum Price Prediction 2022

ETH/USD is currently trading at $2,906.38, down 2.28 percent on the day. The second-largest cryptocurrency by market cap, according to CoinMarketCap, has a 24-hour trading volume of $15,165,650,298 USD.

In the most recent update, the Ethereum team announced a reduction in gas fees as a result of the ongoing Serenity upgrade, which is essentially good news for the blockchain. ETH, on the other hand, appears unfazed by the development.

Ethereum Price Prediction 2022 | 3 March | ETH Market Update imgpsh fullsize anim | BuyUcoin
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On the daily chart, the price of Ethereum (ETH) retraced nearly 30% from the swing highs of $3,284.75 and tested February lows of $2,300. As buying emerges near the mentioned levels, investors respected the demand zone extending from $2,159 to $2,300.

If the price remains above the session’s high, it will next test the critical 200-day EMA (Exponential Moving Average) at $3,246.

A break below Tuesday’s low, on the other hand, will trigger a new round of selling in the asset. The immediate downside target could be found near the $2,560.78 horizontal support zone.

Technical Indicators:

RSI: The Daily Relative Strength Index (RSI) is currently reading 53 points above the average line.

MACD: The Moving Average Convergence Divergence (MACD) is below the midpoint but with a positive sign.

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