Ethereum crashes below $2600: What to expect?

Ethereum price analysis for May 8, 2022, comes on a bearish note for the coin as we have witnessed a price drop of over 4.38% in the last 24 hours. Investors can expect ETH to drop further as we have chances of that as well. Since the $2700 price level was unable to hold as support, as noted in our ETH price analysis for May 7, 2022, the world’s 2nd biggest cryptocurrency kept losing support levels and is finally down to the $2500 region which currently acts as minor support. This needs to hold or we might see another drop as well.

The data from CoinMarketCap shows that the trading volume of the coin decreased by 16.60% in the last 24 hours, followed by a 4.23% decrease in the market cap. Moreover, the Volume / Market Cap has a value of 0.05471, while the Market Dominance dropped to 19.42%. 

The daily candle for Ethereum opened at a price of $2635 and reached a daily high of $2642. On the other hand, the daily low for ETH stands at a price of $2517. The price of 1 ETH at the time of writing is $2548. 

Ethereum price analysis for May 8 on the daily chart

Ethereum price analysis for May 8, 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 35 which means that the sell-off for Ether continues and the gradient of the line suggests that lower prices are also possible.

The MACD indicator shows that the MACD line remains below the signal line and the MACD histogram is also bearish confirming that the bears remain in control.

The price action for Ethereum has broken from the lower end of the Bollinger Bands which means that the chances of higher prices are slim.

Conclusion

Ethereum price analysis for May 8, 2022, ends on a bearish note for the ETH coin with low chances of retaining the $2500 price level.