Ethereum nears $3K price region: HODL and buy at lower prices

Ethereum price analysis for April 7, 2022, begins on a bearish note for the token as ETH nears the $3K price region. It is important to note that the token has turned bearish as it was unable to break into the $4K price region. It went as high as $3.5K in the last two weeks and, since then, has remained bearish. It seems that the whales are at play and enjoying the volatility of the crypto market. The ETH price analysis for April 6, 2022, noted that ETH might break below $3K.

The data from CoinMarketCap shows that the trading volume of Ethereum surged 21.38% in the last 24 hours, and there was a nearly 4.92% drop in the market cap. Furthermore, the Market Dominance has dropped to 19.27%, as the Volume / Market Cap Ratio has a value of 0.06347.

The daily candle for Ethereum opened at a price of $3168 and reached a daily high of $3206. Moreover, the daily low for the token stands at a price of $3143. The current price of a single ETH token is $3187. 

Ethereum price analysis for April 7 on the daily chart

Ethereum price analysis for April 7 will take into account the data from the daily chart below, which has numerous indicators on the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very close to each other, confirming a bullish divergence on the daily chart. 

The RSI indicator reads a value above 51 which means that the token has been sold off on a huge scale, while the gradient of the line suggests that a retest of $3K is possible. 

The price action has dropped below the middle zone of the Bollinger Bands confirming that the bears are now in control. 

Conclusion

Ethereum price analysis for April 7, 2022, ends on a bearish note for the token as chances of losing $3K seem quite high.