Ethereum rebounds from $2900 but still stuck in downtrend

Ethereum price analysis for April 15, 2022, comes on a bearish note for the token as it has successfully rebounded from the $2900 price level which currently holds as major support. Meanwhile, the bulls and the bears continue their struggle for dominance while the entire market is struggling to reach high prices. On the other hand, as noted in our ETH price analysis for April 14, 2022, the Ether token aimed to break above $3100 but failed to do so on account of low volume. 

The data from CoinMarketCap shows that the trading volume of Ethereum dropped 3.66% in the last 24 hours, and there was a nearly 2.89% decrease in the market cap. Furthermore, the Market Dominance dropped to 19.49%, as the Volume / Market Cap Ratio has a value of 0.04208.

The daily candle for Ethereum opened at a price of $3021 and reached a daily high of $3039. Moreover, the daily low for the token stands at a price of $3013. The current price of a single ETH token is $3036. 

Ethereum price analysis for April 15 on the daily chart

Ethereum price analysis for April 15 will take into account the data from the daily chart below which includes some of the major indicators on the daily chart.

Source: TradingView

The RSI indicator remains below 46 which confirms that the bears are overall in control of the price action and the chances of losing $3000 remain considerably high. The gradient of the line for today hints at slightly higher prices.

The MACD indicator shows that the MACD line and the signal line remain further apart as the MACD histogram also remains bearish for now.

The price action for Ethereum has dropped to the lower end of the Bollinger Bands which hints that a bearish breakout might follow. 

Conclusion

The Ethereum price analysis for April 15, 2022, ends on a bearish note for the token as the chances of losing $3K remain high.