Ethereum back to $1900 price region: Another drop can be expected

Ethereum price analysis for May 21, 2022, ends on a bearish note for the coin as we can expect Ether to lose $1900 if bulls don't come back.
Ethereum price analysis for May 21, 2022, ends on a bearish note for the coin as we can expect Ether to lose $1900 if bulls don't come back.

Ethereum price analysis for May 21, 2022, comes on a bearish note for the token with high chances of losing the $1900 as well if the buying volume doesn’t jump in the next 24 hours. In the last 24 hours, we saw Ether lose 3.36% of its prices and it seems that a similar movement might be seen in the near future as well. As noted in our ETH price analysis for May 20, 2022, the Ether token has major support at the $1900 price region and major resistance beyond the $2K price region. Currently, it is unclear at which point a breakout will occur.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 16.36% in the last 24 hours, followed by a 3.35% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.0647, while the Market Dominance dropped to 19%. 

The daily candle for Ethereum opened at a price of $1959 and reached a daily high of $1973. On the other hand, the daily low for ETH stands at a price of $1937. The price of 1 ETH at the time of writing is $1956. 

Ethereum price analysis for May 21 on the daily chart

Ethereum price analysis for May 21, 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 34 which means that the selling pressure is still considerably high. The bulls are trying to take over while the gradient of the line suggests a back and forth movement for ETH.

The MACD indicator shows that the MACD line is touching the signal line and the two might create a bullish divergence in the near future.

The price action for Ethereum is situated in the lower zone of the Bands although, if ETH reclaims $2K, we might see a retest of the middle zone of the Bands.

Conclusion

Ethereum price analysis for May 21, 2022, ends on a bearish note for the coin as we can expect Ether to lose $1900 if bulls don’t come back.

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