Ethereum forms 3rd bullish daily candle: Reversal coming?

Ethereum price analysis for May 30, 2022, ends on a bullish note for ETH with considerable chances of breaking into the $2K price region.
Ethereum price analysis for May 30, 2022, ends on a bullish note for ETH with considerable chances of breaking into the $2K price region.

Ethereum price analysis for May 30, 2022, comes on a bullish note for the world’s second-biggest cryptocurrency as there are chances of reclaiming the $2K price region if the bulls continue their dominance. Interestingly, in the last 24 hours, we have seen Ether surge by nearly 6% in prices and it seems that higher prices are yet to come. As noted in our ETH price analysis for May 29, 2022, the token has major support around the $1500-$1700 price region and this support currently holds. Furthermore, there is a strong resistance beyond the $2K price level.

The data from CoinMarketCap shows that the trading volume of the coin surged by 6.45% in the last 24 hours, followed by a 6.45% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.05537, while the Market Dominance rose to 18.04%. 

The daily candle for Ethereum opened at a price of $1813 and reached a daily high of $1890. On the other hand, the daily low for ETH stands at a price of $1803. The price of 1 ETH at the time of writing is $1873. 

Ethereum price analysis for May 30 on the daily chart

Ethereum price analysis for May 30, 2022, will take into account the data from the daily chart below and 3 major indicators in the crypto space.

Ethereum price analysis
Source: TradingView

The RSI indicator reads a value below 38 which means that the bulls are now taking control of the market moment in the short term.

The MACD indicator shows that the MACD line is above the signal line and the MACD histogram is currently bullish.

The price action for Ethereum is situated in the lower zone of the Bands but there are chances of a breakout into the bullish zone of the Bands in the near future.

Conclusion

Ethereum price analysis for May 30, 2022, ends on a bullish note for ETH with considerable chances of breaking into the $2K price region.

🔥JOIN THECONRISE.COM'S MONTHLY $1000 GIVEAWAY AND FEEL VALUED AS A READER! DON'T MISS OUT! 🔥