Ethereum drops 6%: No signs of relief

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Ethereum price analysis for May 26, 2022, comes on a bearish note for the token with very low chances of reclaiming the $1900 price region. In the last 24 hours, we have seen a price drop of more than 6% for ETH and as a result, the token dropped below the $1900 price level as well. Additionally, as noted in our ETH price analysis for May 25, 2022, the nearest resistance for the token stands beyond the $2000 price region and it seems that the chances of breaking it have stooped quite low. We can expect $1800 to hold for the moment.

The data from CoinMarketCap shows that the trading volume of the coin rose by 23.18% in the last 24 hours, followed by a 6.64% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.07885, while the Market Dominance dropped to 18.08%. 

The daily candle for Ethereum opened at a price of $1942 and reached a daily high of $1966. On the other hand, the daily low for ETH stands at a price of $1800. The price of 1 ETH at the time of writing is $1827. 

Ethereum price analysis for May 26 on the daily chart

Ethereum price analysis for May 26, 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 32 which means that the sellers have once again taken charge and the gradient of the line suggests lower prices will follow.

The MACD indicator shows that the MACD line remains above the signal line but the two are once again moving closer.

The price action for Ethereum is situated in the lower zone of the Bands but there is an increased possibility of retesting the middle zone of the Bands.

Conclusion

Ethereum price analysis for May 26, 2022, ends on a bearish note for ETH with low chances of retaining the $1800 price region.

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