Ethereum failed to reclaim $2K: What to expect?
Ethereum price analysis for June 01, 2022, comes on a bearish note for the token with low chances of losing the $2K price region in the next 24 hours. Furthermore, in the last 24 hours, we noted that the Ether token went as high as $1958 but the world’s second biggest cryptocurrency was unable to keep up the bullish move due to decreased buying volume. Furthermore, as noted in our ETH price analysis for May 31, 2022, the Ether token has a major resistance beyond the $2K price region which needs to be reclaimed to confirm an uptrend.
The data from CoinMarketCap shows that the trading volume of the coin dropped by 6.02% in the last 24 hours, followed by a 1.64% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.07516, while the Market Dominance dropped to 17.96%.
The daily candle for Ethereum opened at a price of $1941 and reached a daily high of $1958. On the other hand, the daily low for ETH stands at a price of $1913. The price of 1 ETH at the time of writing is $1938.
Ethereum price analysis for June 1 on the daily chart
Ethereum price analysis for June 1, 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 sellers are still in control of the price action and the gradient of the line suggests lower prices.
The MACD indicator shows that the MACD line is above the signal line and the MACD histogram is also bullish for Ethereum.
The price action for Ethereum tried to break into the bullish region of the Bollinger Bands but was unable to consolidate above this region.
Conclusion
Ethereum price analysis for June 1, 2022, ends on a slightly bearish note for ETH with low chances of breaking the $2K price region.
