Ethereum price analysis gives a bullish note for the token due to the fact that ETH regained the 3.500 dollar level and then targeted the 4.000 dollar level again. One of the things to remember is that ETH has not been able to rise above the $4,000 level it has been aiming for for a long time, which makes it mandatory for ETH to consolidate above this region.
According to data from CoinMarketCap, Ethereum’s trading volume has increased by 3.70% in the last 24 hours, and the token’s market value has also increased by 1.18%. In addition, since the Volume/Market Capitalization Ratio was valued at 0.03907, the Market Dominance fell to 19.54%.
The daily candle for Ethereum opened at $ 3,510, and the day’s high reached $ 3,535. In addition, the daily low of the token is at the level of 3.422 dollars. At the time of writing, ETH is trading at $ 3,517.
Ethereum Price Analysis on the Daily Chart
Ethereum price analysis for April 5 has been evaluated taking into account 3 main indicators for the price trajectory.
The MACD indicator shows that the MACD line and the signal line are slowly approaching each other, while warning investors that a decline in the token may be expected. The intensity of the MACD histogram also decreases over time.
The RSI indicator is at a value above 71, which indicates that an overbought is currently observed for the token. The slope of the line follows a sluggish movement for today.
The price movement is located in the bullish zone of the Bollinger Bands, which indicates that the bulls are taking control over the token.
When we compile our Ethereum price analysis for April 5, 2022, it may take a little longer for ETH to reach the $4,000 level, since the purchase volume does not seem to be high enough in the current process, even though the purchase pressure is increasing. The token is giving a bullish note for today.