Ethereum below $2K: Potential for further upside is high
Ethereum price analysis for May 31, 2022, comes on a bearish note for the world’s second-biggest cryptocurrency as there are increased chances of breaking above the $2K price region in the next 24 hours if the bulls remain in control of the price action. Furthermore, as noted in our ETH price analysis for May 30, 2022, the Ether (ETH) token has a major price resistance beyond $2K while major support for the token is present below the $1800 price region. It is also clearly evident from the data from CMC that the token is nearly 60% from all-time high.
The data from CoinMarketCap shows that the trading volume of the coin surged by 25.76% in the last 24 hours, followed by a 4.15% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.0786, while the Market Dominance rose to 18.21%.
The daily candle for Ethereum opened at a price of $1998 and reached a daily high of $2016. On the other hand, the daily low for ETH stands at a price of $1957. The price of 1 ETH at the time of writing is $1972.
Ethereum price analysis for May 31 on the daily chart
Ethereum price analysis for May 31, 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 44 which means that the buying pressure is defeating the selling pressure for the token.
The MACD indicator shows that the MACD line is above the signal line and the MACD line is moving away from the same indicating bullish strength.
The price action for Ethereum is situated in the bullish end of the Bollinger Bands which means that there are increased chances of breaking $2k.
Conclusion
Ethereum price analysis for May 31, 2022, ends on a bullish note for ETH with increased chances of breaking into the $2K price region.
