Ethereum reclaims $3.5K as back and forth movement continues

Ethereum price analysis for April 5, 2022, begins on a bullish movement for the token as ETH was once again able to reclaim the $3.5K price region and now aims to make a move towards $4K in the coming days. As noted in our ETH price analysis for April 4, 2022, the world’s 2nd biggest crypto hasn’t been above to push above this price region for a long time. It is imperative for ETH to consolidate above this region. 

The data from CoinMarketCap shows that the trading volume of Ethereum dropped 11.99% in the last 24 hours, and there was a nearly 1.03% surge in the market cap. Furthermore, the Market Dominance has dropped to 19.57%, as the Volume / Market Cap Ratio has a value of 0.04092.

The daily candle for Ethereum opened at a price of $3519 and reached a daily high of $3527. Moreover, the daily low for the token stands at a price of $3500. The current price of a single ETH token is $3518. 

Ethereum price analysis for April 5 on the daily chart

Ethereum price analysis for April 5 will take into account the data from the chart below which includes major indicators for the price trajectory.

Source: TradingView

The RSI indicator reads a value above 71 which means that the token is currently at overbought levels. The gradient of the line suggests a sluggish movement for today. 

The MACD indicator shows that the MACD line and the signal line are gradually coming close and investors can expect a bearish divergence for Ethereum. The intensity of the MACD histogram is steadily declining. 

The price action is situated in the bullish region of Bollinger Bands which means that the bulls are in control over the price action. 

Conclusion

Ethereum price analysis for April 5, 2022, ends on a bullish note for the token as chances of ETH breaking into $4K are high but the buying volume lacks.