ETH Struggles to Hold Support

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ETH 4-hour candle chart, 3/7/22.

Ethereum is currently riding support as it struggles to break free of this range.

Ethereum is following BTC’s hesitancy in this range as the broader cryptocurrency market waits for the US government’s potential executive order from the White House. It’s likely that this outcome could have a significant influence on price action.

The MFI is trending upwards on ETH’s 4-hour candle chart, while the MACD is swinging downwards. The overall cryptocurrency market cap is at $1.7 trillion. BTC dominance is at 42.3% and ETH dominance is at 17.6%

Bitcoin is also testing support and is struggling to break this area of resistance. Volume is still relatively steady. BTC has yet to break resistance at both $40k and $45k.

The MFI is making an attempt at an upswing as the MACD swings downwards.