Ethereum breaks below $3K as indicators say that its buy time

Ethereum price analysis for April 12, 2022, comes on a bearish note for the token as it has dropped by more than 6% in the last 24 hours following a huge surge in selling pressure. It can be said that the token has seen huge volatility in the recent period. As per our Ethereum price analysis for April 11, 2022, the token has seen an increased resistance above $3.1K and as a result, broke below the support of $3K as bears prevailed. On the other hand, ETH is nearly 40% low from its all-time high. 

The data from CoinMarketCap shows that the trading volume of Ethereum surged 86.85% in the last 24 hours, and there was a nearly 6.19% drop in the market cap. Furthermore, the Market Dominance has dropped to 19.55%, as the Volume / Market Cap Ratio has a value of 0.06126.

The daily candle for Ethereum opened at a price of $2979 and reached a daily high of $2996. Moreover, the daily low for the token stands at a price of $2950. The current price of a single ETH token is $2970. 

Ethereum price analysis for April 12 on the daily chart

Ethereum price analysis for April 12 will paint a bearish picture for the ETH token as per the readings from the daily chart below.

Source: TradingViewThe MACD line and the signal line are moving apart while the signal line is dominating which confirms that the MACD indicator is bearish.

The RSI indicator reads a value below 42 which means that the selling pressure is gradually rising and that investors might see another price crash towards $2.5K in the near future. 

The price action for Ethereum has broken out from the lower end of the Bollinger Bands which means that ETH bulls are currently out of the picture. 

Conclusion

Ethereum price analysis for April 12, 2022, ends on a bearish note for the token as chances of breaking below $2.9K are high.