Ethereum about to break above $3100 as price action remains sluggish

Ethereum price analysis for April 21, 2022, comes on a sluggish note for the world’s 2nd biggest cryptocurrency as it has a major resistance at the $3100 price level and it seems that the bulls are holding support above $3K. Meanwhile, the token has shown strong signs of growth in recent days and rebounded from the $2.9K price region almost immediately. It seems that we can expect $3.1K to break in the coming days. On the other hand, as per our ETH price analysis for April 20, 2022, the volume lacks to break above $3.1K.

The data from CoinMarketCap shows that the trading volume of Ethereum surged 15.30% in the last 24 hours, and there was a nearly 0.43% increase in the market cap. Furthermore, the Market Dominance has dropped to 19.36%, as the Volume / Market Cap Ratio has a value of 0.0421.

The daily candle for Ethereum opened at a price of $3076 and reached a daily high of $3105. Moreover, the daily low for the token stands at a price of $3071. The current price of a single ETH token is $3090. 

Ethereum price analysis for April 21 on the daily chart

Ethereum price analysis for April 21 will consider the data from the daily chart below which includes a few of the most important indicators in the TA world.

Source: TradingView

The RSI indicator shows a value below 50 which means that the sluggish movement might continue for Ethereum.

The MACD indicator shows that the MACD line is below the signal line but the two are very close to each other increasing the chances of a bullish divergence.

The price action is situated in the lower end of the Bollinger Bands but we can expect a retest of the middle zone in the near future.

Conclusion

Ethereum price analysis for April 21, 2022, ends on a bearish note for ETH with high chances of breaking $3100 soon.