Ethereum nears $3K as trading volume jumps: What’s next?

Ethereum price analysis for April 11, 2022, comes on a bearish note for the token as the chances of losing the $3.1K price region as a support are very high. Furthermore, we have noted that $3.3K was an important region for the token was lost in our ETH price analysis for April 8, 2022, and since then, the bulls have been struggling to maintain the price action the $3K price support. However, investors can expect ETH to lose this level soon.

The data from CoinMarketCap shows that the trading volume of Ethereum surged 21.06% in the last 24 hours, and there was a nearly 2.31% drop in the market cap. Furthermore, the Market Dominance has surged to 19.69%, as the Volume / Market Cap Ratio has a value of 0.02958.

The daily candle for Ethereum opened at a price of $3203 and reached a daily high of $3213. Moreover, the daily low for the token stands at a price of $3167. The current price of a single ETH token is $3176. 

Ethereum price analysis for April 11 on the daily chart

Ethereum price analysis for April 11 will take into account the data from the daily chart below which consists of 3 major indicators on the daily chart.

Source: TradingView

The RSI indicator reads a value below 51 which means that bears are in control and the gradient of the line suggests that lower prices are possible.

The MACD indicator shows that the MACD line is below the signal line which means that the bears are currently being dominated by the bulls and the chances of lower prices are high. 

The price action has dropped to the lower end of the Bollinger Bands which means that investors can expect lower prices for Ethereum in the coming days.

Conclusion

The Ethereum price analysis for April 11, 2022, ends on a bearish note for ETH as we can expect ETH to lose $3K in the coming days.