Ethereum on the verge of losing $3.3K as bears regain control

Ethereum price analysis for April 06, 2022, comes on bearish news for the token as chances of losing the $3.3K price level seem high. It is also important to note that as per our ETH price analysis for April 5, 2022, we noted that the token lost the $3.4K price region which was minor support for the price action in the last few days. The chances of ETH breaking into the $4K price region have dropped further low. 

The data from CoinMarketCap shows that the trading volume of Ethereum dropped 11.99% in the last 24 hours, and there was a nearly 1.03% surge in the market cap. Furthermore, the Market Dominance has dropped to 19.57%, as the Volume / Market Cap Ratio has a value of 0.04092.

The daily candle for Ethereum opened at a price of $3519 and reached a daily high of $3527. Moreover, the daily low for the token stands at a price of $3500. The current price of a single ETH token is $3518. 

Ethereum price analysis for April 6 on the daily chart

Ethereum price analysis for April 6 will consider the data derived from the chart below which consists of 3 major indicators on the daily chart.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are close to each other as the chances of a bearish divergence are quite high. The MACD histogram shows a decreasing intensity as well. 

Furthermore, the RSI indicator reads a value above 60 which means that the Ethereum bulls are still fighting for their dominance. The gradient of the line suggests that lower prices seem possible. 

The price action is dropping to the lower end of the Bollinger Bands which means that a bearish outburst is possible in the near future. 

Conclusion

The Ethereum price analysis for April 6, 2022, ends on a bearish note for the token as the chances of losing $3.3K are possible.