Ethereum aims to rebound from $1700: Success or fail?
Ethereum price analysis for May 28, 2022, comes on a bearish note for the token with considerable chances of losing the $1700 price region if the buying volume doesn’t surge in the next 24 hours. As noted in our ETH price analysis for May 27, 2022, the world’s 2nd biggest cryptocurrency has major support at the $1700 price region which needs to hold or else we might the entire crypto market collapse. The nearest resistance for Ether lies beyond the $2000 price region which the token hasn’t been able to conquer after multiple attempts. It will be better to sit back and see on which side the market breaks out.
The data from CoinMarketCap shows that the trading volume of the coin decreased by 17.44% in the last 24 hours, followed by an 0.06% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.1055, while the Market Dominance rose to 17.79%.
The daily candle for Ethereum opened at a price of $1727 and reached a daily high of $1768. On the other hand, the daily low for ETH stands at a price of $1722. The price of 1 ETH at the time of writing is $1764.
Ethereum price analysis for May 28 on the daily chart
Ethereum price analysis for May 28, 2022, will take into account the data from the daily chart below and 3 major indicators in the crypto space.
Source: TradingView
The RSI indicator reads a value below 32 which means that the selling pressure is still very high for the Ethereum token.
The MACD indicator shows that the MACD line is touching the signal line and a bearish divergence might be witnessed on the daily chart.
The price action for Ethereum is situated in the lower zone of the Bands but the narrowing of the Bands indicates that volatility will follow.
Conclusion
Ethereum price analysis for May 28, 2022, ends on a bearish note for ETH with low chances of retaining the $1700 price region.
