Ethereum maintains price level above $2K but for how long?

Ethereum has been able to retain prices above the $2000 price region and it seems that the $1900 price level has major buyer’s support. Furthermore, we have also seen the world’s 2nd biggest cryptocurrency find major resistance beyond the $2000 price region which means that we might expect another price drop in the near future. As noted in our ETH price analysis for May 14, 2022, the bears have prevailed in the long run which means that lower prices are definitely possible.  At the time of writing, the token is more than 50% low than the all-time high.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 36.83% in the last 24 hours, followed by a 1.43% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.05954, while the Market Dominance dropped to 19.22%. 

The daily candle for Ethereum opened at a price of $2056 and reached a daily high of $2079. On the other hand, the daily low for ETH stands at a price of $2000. The price of 1 ETH at the time of writing is $2014. 

Ethereum price analysis for May 15 on the daily chart

Ethereum price analysis for May 15, 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 30 which means that the bears are currently in control of the price action and the gradient of the line suggests sluggishness.

The MACD indicator shows that the MACD line remains below the signal line while the two lines are coming closer and the bearish intensity is declining.

The price action for Ethereum is now situated in the lower zone of the Bands which means that the selling pressure is relatively high.

Conclusion

Ethereum price analysis for May 15, 2022, ends on a bearish note for the coin while $1900 is a key level to watch out for.

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