Ethereum reclaims $2800 as price action rebounds from $2700

Ethereum price analysis for May 2, 2022, comes on a slightly bullish note for the token with increased chances of retaining the price action above $2800 if the buyers keep up the pace. Moreover, the token has held support at the $2700 price region, and we can expect ETH to continue making higher highs in the coming days. As noted in our ETH price analysis for May 1, 2022, Ethe had retested the support at $2700 and as a result, is now trading back above the $2800 price region. We can expect ETH to retest higher price levels.

The data from CoinMarketCap shows that the trading volume of the token surged 2.36% in the last 24 hours, followed by a 2.52% increase in the market cap. Moreover, the Volume / Market Cap has a value of 0.04371, while the Market Dominance has surged to 19.68%. 

The daily candle for Ethereum opened at a price of $2824 and reached a daily high of $2849. On the other hand, the daily low for ETH stands at a price of $2822. The price of 1 ETH at the time of writing is $2837. 

Ethereum price analysis for May 2 on the daily chart

Ethereum price analysis for May 2, 2022, will take into account the data from the daily chart below which consist of readings from 3 major market indicators.

Source: TradingView

The RSI indicator reads a value below 44 which means that the bulls are once again gathering the strength to fight off the bears in the crypto market.

The MACD indicator shows that the MACD line is coming closer to the signal line and if the situation remains the same, we can expect a bullish divergence for Ethereum.

The price action for Ethereum is situated in the lower end of the Bollinger Bands but bulls prevented a bearish breakout in the last 24 hours.

Conclusion

Ethereum price analysis for May 2, 2022, ends on a bearish note for the token as chances of retaining $2800 are high.