Ethereum retests $2800: Can we expect another price drop?

Ethereum price analysis for April 27, 2022, ends on a bearish note for ETH with high chances of losing $2800 in the near future.
Ethereum price analysis for April 27, 2022, ends on a bearish note for ETH with high chances of losing $2800 in the near future.

Ethereum price analysis for April 27, 2022, comes on a bearish note for the token with high chances of ETH losing the $2800 price support. We saw the token drop 5.24% in the last 24 hours following a surge in selling pressure from holders. On the other hand, the entire crypto market has turned bearish and it seems that ETH is currently holding above $2.8K. As noted in our ETH price analysis for April 26, 2022, the world’s biggest cryptocurrency tried to make a move towards $3.1K but it seems that bears prevailed.

The data from CoinMarketCap shows that the trading volume of Ethereum dropped 7.57% in the last 24 hours, and there was a nearly 5.48% decrease in the market cap. Furthermore, the Market Dominance has jumped to 19.30%, as the Volume / Market Cap Ratio has a value of 0.05669.

The daily candle for Ethereum opened at a price of $2809 and reached a daily high of $2848. Moreover, the daily low for the token stands at a price of $2794. The current price of a single ETH token is $2843. 

Ethereum price analysis for April 27 on the daily chart

Ethereum price analysis for April 27, 2022, will take into account the data from the daily chart below which consists of 3 major indicators in the crypto space. 

Ethereum price analysis
Source: TradingView

The RSI indicator reads a value below 40 which confirms that the bulls have lost their dominance and now, the bears are in control of the price action.

The MACD indicator shows that the MACD line and the signal line are moving apart and the latter is dominating. The histogram is also bearish.

The price action of Ethereum is situated in the lower end of the Bollinger Bands and we can expect a bearish breakout if ETH loses $2800.

Conclusion

Ethereum price analysis for April 27, 2022, ends on a bearish note for ETH with high chances of losing $2800 in the near future.

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