Ethereum unable to push above $2900 as further price drop might follow

Ethereum price analysis for April 28, 2022, confirms that the chances of making higher highs in the coming days seem pretty low as the token has failed to break above the $3900 price region and retain prices above it in the last 24 hours. However, we have seen ETH prices jump 2% in the last 24 hours and it seems that this bullish pressure is not enough to further push the prices towards $3K. As noted in our ETH price analysis for April 28, 2022, the Ether token retested the $2800 price region and it seems that lower prices might follow.

The data from CoinMarketCap shows that the trading volume of Ethereum dropped 11.22% in the last 24 hours, and there was a nearly 2.03% increase in the market cap. Furthermore, the Market Dominance has jumped to 19.32%, as the Volume / Market Cap Ratio has a value of 0.04915.

The daily candle for Ethereum opened at a price of $2888 and reached a daily high of $2915. Moreover, the daily low for the token stands at a price of $2869. The current price of a single ETH token is $2897. 

Ethereum price analysis for April 28 on the daily chart

Ethereum price analysis for April 28, 2022, will take into account the data from the daily chart below which have a few of the biggest indicators integrated into the daily chart.

Source: TradingView

The RSI indicator reads a value below 43 which confirms that the bulls are trying to oust the bears from the market.

The MACD indicator shows that the MACD line and the signal line are away from each other and the signal line is dominating, confirming that the selling pressure is high.

The price action of Ethereum is situated in the lower end of the Bollinger Bands and the bulls prevented a bearish breakout for Ether.

Conclusion

Ethereum price analysis for April 28, 2022, suggests that sluggish price action will follow for the Ether token in the coming days.