Ethereum holds prices at $3100 as market gradually starts to recover

Ethereum price analysis for April 14, 2022, confirms that the token aims to reach higher prices in the near future. Ether dropped below $3K which was followed by a huge wave of buying orders and caused the prices to jump. On the other hand, the current price of the token is once again above $3.1K as investors consider that the volume is not high enough to reach higher prices in the short term. As noted in our ETH price analysis for April 13, 2022, the token aims to hold $3.1K as major support for the price action.

The data from CoinMarketCap shows that the trading volume of Ethereum dropped 19.63% in the last 24 hours, and there was a nearly 2.46% increase in the market cap. Furthermore, the Market Dominance dropped to 19.56%, as the Volume / Market Cap Ratio has a value of 0.04242.

The daily candle for Ethereum opened at a price of $3118 and reached a daily high of $3145. Moreover, the daily low for the token stands at a price of $3110. The current price of a single ETH token is $3119. 

Ethereum price analysis for April 14 on the daily chart

Ethereum price analysis for April 14 will take into account the data from the daily chart below which consists of 3 of the major indicators in the crypto space.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are moving further apart but the dominating one is the signal line which confirms a bearish environment for Ethereum.

The RSI indicator reads a value below 50 which means that bulls might be having some trouble maintaining dominance.

The price action for Ether has dropped to the lower end of the Bollinger Bands and a bearish breakout was prevented by the bears recently.

Conclusion

The Ethereum price analysis for April 14, 2022, ends on a bearish note for the token as chances of losing $3.1K seem considerable for now.