Ethereum drops another 7%: ETH might lose $2300 as well

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Ethereum price analysis for May 10, 2022, comes on a bearish note for the world’s second-biggest cryptocurrency with high chances of losing the $2300 price region as the bears continue to dominate the crypto market. The nearest support for the Ether coin is around $2000 which will be retested in the near future. As per our Ether price analysis for May 10, 2022, the coin had formed continuous 5 bearish daily candles but today, ETH has formed a green candle which suggests that a small number of buyers have arrived in the market to test the $2,000 price region for Ethereum.

The data from CoinMarketCap shows that the trading volume of the coin surged by 104.47% in the last 24 hours, followed by a 6.26% decrease in the market cap. Moreover, the Volume / Market Cap has a value of 0.1473, while the Market Dominance rose to 19.84%. 

The daily candle for Ethereum opened at a price of $2229 and reached a daily high of $2350. On the other hand, the daily low for ETH stands at a price of $2200. The price of 1 ETH at the time of writing is $2303. 

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Ethereum price analysis for May 10 on the daily chart

Ethereum price analysis for May 10, 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 32 confirming that the bears are in charge and the ETH coin is being oversold. Moreover, the chances of ETH going lower are considerable.

The MACD indicator shows that the MACD line remains below the signal line and the MACD histogram bearish intensity continues to increase.

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The price action for Ethereum continues the breakout from the lower end of the Bollinger Bands and it seems that investors’ entry point might’ve arrived.

Conclusion

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