Ethereum attempts to breach $1900 with a 4% price surge
Ethereum price analysis for June 6, 2022, comes on a bullish note for the world’s 2nd biggest cryptocurrency as we have seen a price surge of more than 4% in the last 24 hours and an additional price surge might also be seen if the bulls continue to push higher. Furthermore, as noted in our ETH price analysis for June 5, 2022, the token has a major resistance beyond the $2K price region which needs to be reclaimed in order for Ether to flip into an uptrend. Volume needs to increase in order for Ether to breach $2000.
The data from CoinMarketCap shows that the trading volume of the coin surged by 27.97% in the last 24 hours, followed by a 4.24% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.04737, while the Market Dominance rose to 17.76%.
The daily candle for Ethereum opened at a price of $1806 and reached a daily high of $1878. On the other hand, the daily low for ETH stands at a price of $1804. The price of 1 ETH at the time of writing is $1872.
Ethereum price analysis for June 6 on the daily chart
Ethereum price analysis for June 6, 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 43 which means that the buyers are slowly taking over and the gradient of the line hints at higher prices.
The MACD indicator shows that the MACD line is above the signal line while the bullishness of the MACD histogram is gradually increasing.
The price action for Ethereum aims to break above the middle zone of the Bollinger Bands which means that higher prices can be seen.
Conclusion
Ethereum price analysis for June 6, 2022, ends on a bullish note for ETH however, the chances of reclaiming $2K remain low.
