Ethereum price analysis has proved that ETH has lost the $3,300 support zone and has not been able to reach the $4,000 level for the time being. The token gives a bearish rating. Although the altcoin leader has risen above the 3.500 dollar level in the last two weeks, it has not managed to hold on to this region. Apparently, the whales are in the crypto field and they seem to be happy with these waves. ETH signals that it may fall below $ 3,000 according to the latest price movement.
According to data from CoinMarketCap, Ethereum’s trading volume has increased by 8.29% in the last 24 hours, while token’s market value has fallen by about 3.89%. In addition, the Market Dominance increased to 19.34%, as the Volume/Market Capitalization Ratio was valued at 0.05889.
The daily candle for Ethereum opened at $ 3.235 and reached $ 3.357. In addition, the daily low of the token is at the level of 3.155 dollars. At the time of writing, ETH is trading at $3,212.
Ethereum Price Analysis on the Daily Chart
Ethereum price analysis for April 7 took into account readings from 3 main indicators on the daily chart.
Since the MACD indicator, the MACD line and the signal line are very close to each other, it seems that ETH is on an upward trend.
The RSI indicator is at a value above 51, which indicates that the token has been sold. The slope of the line indicates that the 3.000 dollar can be retested.
The price movement has fallen below the Bollinger Bands central zone, and it seems that bears are in control of the token, not bulls.
When we compile our Ethereum price analysis for April 7, 2022, the token faces the possibility of losing the $ 3,000 level when receiving a bearish note.