Ethereum price analysis results in a bearish note as the token risks losing the $3,200 price zone. While ETH had the critical support of $3,300 two days ago, it has now lost that support. When we evaluate the altcoin leader in general, it is possible to see that it follows a fluctuating picture, and it seems that this will continue for a while.
According to data from CoinMarketCap, Ethereum’s trading volume has declined by 22.45% in the last 24 hours, while the token’s market cap has increased by 1.89%. Also, Market Dominance increased to 19.55% as the Volume/Market Cap Ratio was 0.04398.
The daily candle for Ethereum opened at $3,237 and reached $3,301. Also, the coin has a daily low of $3,168. At the time of writing, ETH is trading at $3,227.
Ethereum Price Analysis on Daily Chart
Ethereum price analysis for April 8 has been evaluated by considering data from 3 main indicators in the chart below.
The MACD indicator shows that the MACD line and the signal line are very close to each other, and there is a bearish trend on the daily chart.
The RSI indicator sits above 55 price zones, suggesting bears dominate the token, while there is some contention between trading for the token. Also, when we look at the slope of the line, it is seen that lower prices may occur during the day.
Price action for Ethereum was able to retest the Bollinger middle zone and did not breach this zone, allowing the altcoin leader to hold at $3,200.
When we compile our Ethereum price analysis for April 8, 2022, it is seen that the token, which lost the important support area of $ 3,300, may lose the level of $ 3,200, which it is currently holding on to.