Ethereum price analysis has seen a decline of more than 4% over the past 24 hours due to increased sales pressure in the leading altcoin. In this case, the token receives a bearish note for today. ETH, which has been following a rather volatile picture recently, lost its support in the bears, which paid $ 3,100 and fell below $ 3,000 with its impact.
According to data from CoinMarketCap, Ethereum’s trading volume has increased by 75.85% in the last 24 hours, while token’s market value has fallen by 4.32%. Moreover, since the Volume/Market Capitalization Ratio was valued at 0.06393, the Market Dominance decreased to 19.53%.
The daily candle for Ethereum opened at $ 2.997 and reached $ 3.108. In addition, the daily low of the token is at the level of 2.957 dollars. At the time of writing, ETH is trading at $3.107.
Ethereum Price Analysis on the Daily Chart
The Ethereum price analysis for April 12 has been evaluated taking into account data from 3 main indicators included in the chart below.
The MACD indicator shows that the MACD line and the signal line are separated from each other. This, in turn, confirms the downward trend.
The RSI indicator is below 42, which indicates that the pressure for selling is gradually increasing for ETH and means that a decline towards the 2.500 dollar levels is possible in the near future.
The price movement for Ethereum came out of the lower end of the Bollinger Bands, which means that the ETH bulls, in the value of ETH, are not taking an active part for the time being.
When we compile our Ethereum price analysis for April 12, 2022, it also seems likely that ETH will fall below the $2,900 level when the token receives a bearish rating.