Ethereum bulls aim for $2100 with a 3% price surge in 24 hours

Ethereum price analysis for May 16, 2022, ends on a bearish note for the coin with a major resistance above the $2K region.
Ethereum price analysis for May 16, 2022, ends on a bearish note for the coin with a major resistance above the $2K region.

Ethereum price analysis for May 16, 2022, comes on a bullish note for the coin with increased chances of breaking the $2100 price region as the bulls are currently in control of the price action with a 3% price surge in the last 24 hours. As noted in our ETH price analysis for May 15, 2022, the bears have prevailed in the long run and Ether (ETH) is currently more than 50% low from its all-time high. It is also important to note that the nearest support for the coin is at the $1900 price region.

The data from CoinMarketCap shows that the trading volume of the coin surged by 12.47% in the last 24 hours, followed by a 3.13% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.06497, while the Market Dominance jumped to 19.26%. 

The daily candle for Ethereum opened at a price of $2145 and reached a daily high of $2145.26. On the other hand, the daily low for ETH stands at a price of $2066. The price of 1 ETH at the time of writing is $2074. 

Ethereum price analysis for May 16 on the daily chart

Ethereum price analysis for May 16, 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 33 which means that the selling pressure is still high and the gradient of the line confirms that bears are in control.

The MACD indicator shows that the MACD line remains below the signal line however, it is also clear that the intensity of the MACD histogram is declining.

The price action for Ethereum is now situated in the lower zone of the Bands which means that the chances of retesting the middle region seem quite high.

Conclusion

Ethereum price analysis for May 16, 2022, ends on a bearish note for the coin with a major resistance above the $2K region.

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