Ethereum bulls try to break out into $3.3K price region: Success or failure?

Ethereum price analysis for April 8, 2022, comes on a bearish note for the token as the chances of losing the $3.2K price region seem way too low for the token. It is also important to note that ETH bulls have lost the crucial support of the $3.3K price region, as noted in our ETH price analysis for April 7, 2022. The token has made big waves in the last last two years, and it seems that this might continue in the near future as well. 

The data from CoinMarketCap shows that the trading volume of Ethereum dropped 34.00% in the last 24 hours, and there was a nearly 2.19% surge in the market cap. Furthermore, the Market Dominance has surged to 19.38%, as the Volume / Market Cap Ratio has a value of 0.04086.

The daily candle for Ethereum opened at a price of $3227 and reached a daily high of $3276. Moreover, the daily low for the token stands at a price of $3216. The current price of a single ETH token is $3273. 

Ethereum price analysis for April 8 on the daily chart

Ethereum price analysis for April 8 will take into consideration the data from the chart below, which consists of 3 of the major indicators on the chart below.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other, and we can also notice a bearish divergence on the daily chart.

The RSI indicator reads a value above the 55 price region which means that the bears are overall dominating, while the gradient of the line suggests that lower prices are possible. 

The price action for Ethereum was able to retest the middle zone of the Bollinger and did not breach this region which caused the $3.2K price region to hold.

Conclusion

Ethereum price analysis for April 8, 2022, confirms that the chances of losing the $3.2K price region seem quite high.