Ethereum bulls try to hold above $3K as bears continue to dominate

Ethereum price analysis for April 22, 2022, ends on a bearish note for the token with high chances of losing the $3K price level. However currently, the bulls are able to retain prices above $3K, but it’ll be interesting to see if they are able to do it in the longer run. On the other hand, if ETH loses $3K, the nearest support region would be $2.7K-$2.8K, which, if held, might push the Ether token back above $3K in the near future. Moreover, the ETH price analysis for April 21, 2022, noted that the token failed to retain prices above $3100.

The data from CoinMarketCap shows that the trading volume of Ethereum surged 15.30% in the last 24 hours, and there was a nearly 0.43% increase in the market cap. Furthermore, the Market Dominance has dropped to 19.36%, as the Volume / Market Cap Ratio has a value of 0.0421.

The daily candle for Ethereum opened at a price of $2983 and reached a daily high of $3008. Moreover, the daily low for the token stands at a price of $2968. The current price of a single ETH token is $3003. 

Ethereum price analysis for April 22 on the daily chart

Ethereum price analysis for April 22 will consider the data from the daily chart below, which includes a few of the most important indicators in the TA world.

Source: TradingView

The RSI indicator shows a value below 46 which means that the sluggish movement might continue for Ethereum, and bears are in control.

The MACD indicator shows that the MACD line is below the signal line, but the two are very close to each other.

The price action is situated in the lower end of the Bollinger Bands, and we can expect a bearish breakout in the near future as well.

Conclusion

Ethereum price analysis for April 22, 2022, ends on a bearish note for ETH as chances of losing $3K seem high.