Ethereum rebounds from $2700: Nears $2900 price level

Ethereum price analysis for April 03, 2022, comes on a slightly sluggish note for the token with considerable chances of breaking above the $2900 price region in the short term. Furthermore, it was also seen that ETH held support at the $2700 price region as price action rebounded from this region. Furthermore, in our ETH price analysis for May 2, 2022, TheCoinRise noted that the token reclaimed the $2800 price region as bulls aimed to break into the $3K price region in the short term. However, it seems that $3K might be a lot for the bulls for now.

The data from CoinMarketCap shows that the trading volume of the token surged 22.82% in the last 24 hours, followed by a 0.16% increase in the market cap. Moreover, the Volume / Market Cap has a value of 0.05355, while the Market Dominance has surged to 19.73%. 

The daily candle for Ethereum opened at a price of $2856 and reached a daily high of $2861. On the other hand, the daily low for ETH stands at a price of $2828. The price of 1 ETH at the time of writing is $2850. 

Ethereum price analysis for May 3 on the daily chart

Ethereum price analysis for May 3, 2022, will take into account the data from the daily chart below and 3 major indicators in the crypto space.

Source: TradingView

The RSI indicator reads a value below 44 which confirms that the chances of the token remaining bearish seem quite high.

The MACD indicator shows that the MACD line is coming very close to the signal line as the chances of a bullish divergence for Ethereum seem quite high.

The price action for Ethereum is situated in the lower end of the Bollinger Bands as chances of retesting the middle zone of the Bands seem high.

Conclusion

Ethereum price analysis for May 3, 2022, ends on a bearish note for the token with increased chances of holding $2800.