Ethereum targets $4K as bulls remain in control of the market

Ethereum price analysis for April 4, 2022, confirms that the world’s 2nd biggest cryptocurrency has turned bullish and the buying demand for the token is very high among investors. The ETH price analysis for April 1, 2022, showed us that the token had made important support at $3.3K and it means that the chances of breaking into the $3.6K price region are high. We can expect the ETH token to remain bullish as the investors are waiting for the Merge in the near future. 

The data from CoinMarketCap shows that the trading volume of Ethereum dropped 29.51% in the last 24 hours, and there was a nearly 1.80% surge in the market cap. Furthermore, the Market Dominance has risen to 19.58%, as the Volume / Market Cap Ratio has a value of 0.0369.

The daily candle for Ethereum opened at a price of $3521 and reached a daily high of $3523. Moreover, the daily low for the token stands at a price of $3468. The current price of a single ETH token is $3504. 

Ethereum price analysis for April 4 on the daily chart

Ethereum price analysis for April 4 will consider the readings from the daily chart below which will include 3 of the major indicators in the crypto space.

Source: TradingView

The MACD indicator shows that the MACD line and the signal line are very far apart as chances of breaking above the $3.6K price zone seem high. 

The RSI indicator reads a value of 70.33 which means that the bulls are in control of Ethereum. The gradient of the line shows that the token might see slightly lower prices today.

The price action for Ethereum is situated in the upper end of the Bollinger Bands which means that the buying pressure is very high for the ETH.

Conclusion

Ethereum price analysis for April 4, 2022, confirms that the chances of breaking above $4K in the coming days seem quite high.