Ethereum indicators gradually turning bullish: What to expect?
Ethereum price analysis for May 23, 2022, comes on a bearish note for the coin with increased chances of breaking the $2000 price region and it seems that we can expect higher prices in the near future as well. As noted in our ETH price analysis for May 23, 2022, the token has a major resistance beyond the $2K price region and it is imperative for the bulls to breach this price region. A considerable amount of support is present at the $1900 price region which the token has successfully retested in the last 24 hours.
The data from CoinMarketCap shows that the trading volume of the coin rose by 51.41% in the last 24 hours, followed by a 3.59% rise in the market cap. Moreover, the Volume / Market Cap has a value of 0.04854, while the Market Dominance rose to 19.03%.
The daily candle for Ethereum opened at a price of $2043 and reached a daily high of $2057. On the other hand, the daily low for ETH stands at a price of $2019. The price of 1 ETH at the time of writing is $2052.
Ethereum price analysis for May 23 on the daily chart
Ethereum price analysis for May 23, 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 39 which means that the bears are currently in control of the price action. The gradient of the line suggests that higher prices might follow for Ethereum.
The MACD indicator shows that the MACD line has broken above the signal line confirming a bullish divergence on the daily chart.
The price action for Ethereum is situated in the lower zone of the Bands although a retest of the middle zone seems likely.
Conclusion
Ethereum price analysis for May 23, 2022, ends on a bullish note for ETH with high chances of breaking above $2000.
