Ethereum aims to reclaim $3K: Strong buying signals!

Ethereum price analysis for may, 2022, comes on a bullish note for the world’s second-biggest cryptocurrency as the token has seen a price surge of over 5% in the last 24 hours and it seems that we might see similar movement in the near future. Furthermore, we can also expect ETH to reclaim higher price levels in the coming days as well. As noted in our ETH price analysis for May 4, 2022, the chances of ETH turning into an uptrend are quite considerable for now because the $2700 price region has held as an important support for the price action.

The data from CoinMarketCap shows that the trading volume of the token increased by 47.79% in the last 24 hours, followed by a 5.04% increase in the market cap. Moreover, the Volume / Market Cap has a value of 0.05233, while the Market Dominance rose to 19.64%. 

The daily candle for Ethereum opened at a price of $2940 and reached a daily high of $2954. On the other hand, the daily low for ETH stands at a price of $2937. The price of 1 ETH at the time of writing is $2942. 

Ethereum price analysis for May 5 on the daily chart

Ethereum price analysis for May 5, 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 50 which means that the bulls are finally back in control and the gradient of the line suggests that we might see higher prices soon.

The MACD indicator shows that the MACD line has broken above the signal line which means that a bullish divergence on the daily chart can be confirmed.

The price action for Ethereum aims to retest the middle zone of the Bollinger Bands and investors can expect ETH to turn bullish as well.

Conclusion