Ethereum once again back above $3K: Where do we go from here?

Ethereum price analysis for April 19, 2022, comes on a slightly bullish note for the token with a 1.8% surge in the last 24 hours. The token did see a drop below $3K, as per our ETH price analysis for April 18, 2022, and the bears gained strength. However, in the last 24 hours, the bulls were once again back in action with the chances of higher prices getting high. On the other hand, currently, ETH is more than 37.5% low from its all-time high which was witnessed in the month of November 2021. 

The data from CoinMarketCap shows that the trading volume of Ethereum surged 28.02% in the last 24 hours, and there was a nearly 69.12% increase in the market cap. Furthermore, the Market Dominance has dropped to 18.53%, as the Volume / Market Cap Ratio has a value of 0.0501.

The daily candle for Ethereum opened at a price of $3055 and reached a daily high of $3095. Moreover, the daily low for the token stands at a price of $3046. The current price of a single ETH token is $3050. 

Ethereum price analysis for April 19 on the daily chart

Ethereum price analysis for April 19 will consider the data from the daily chart below which includes a few of the most important indicators in the crypto space.

Source: TradingView

The RSI indicator shows a value below 50 which confirms that the chances of losing $3K as support seem quite high. Furthermore, 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 confirms that the situation is bearish while the histogram is also bearish.

The price action is situated in the lower end of the Bollinger Bands which means that the price of Ethereum might fall further. 

Conclusion

Ethereum price analysis for April 19, 2022 ends on a slightly bearish note for the token with $3K currently holding as support.