Ethereum bulls aim to break above $3,100 price region

Ethereum price prediction for April 20, 2022, comes on a bullish note for the Ether token which has seen a price surge of over 1.35% in the last 24 hours followed by a bullish move towards $3100. If the token is able to maintain this bullish appearance, we can see ETH above $3100 in the coming and even reclaim the previous major support of $3300. On the contrary, there are equally high chances of losing $3K if investors aim to take profits. As noted in our ETH price analysis for April 19, 2022, the token is nearly 37% low from its all-time high which was witnessed in the month of November 2021.

The data from CoinMarketCap shows that the trading volume of Ethereum dropped 28.77% in the last 24 hours, and there was a nearly 1.46% increase in the market cap. Furthermore, the Market Dominance has surged to 19.39%, as the Volume / Market Cap Ratio has a value of 0.0366.

The daily candle for Ethereum opened at a price of $3101 and reached a daily high of $3106. Moreover, the daily low for the token stands at a price of $3066. The current price of a single ETH token is $3088. 

Ethereum price analysis for April 20 on the daily chart

Ethereum price analysis for April 20 will consider the data from the daily chart below which includes a few of the most important indicators in the crypto space.

Source: TradingView

The RSI indicator shows a value below 50 which confirms that the bears are currently in control of the Ethereum price action.

The MACD indicator shows that the MACD line is below the signal line but the two are closing in on each other with high chances of a bullish divergence.

The price action is situated in the lower end of the Bollinger Bands and now aims to retest the middle zone of the Bollinger Bands.

Conclusion

Ethereum price analysis for April 20, 2022, confirms that it’s a make-it or break-it point for Ether which remains below $3100.