Ethereum failed to break into $2100 price level: What to expect?

Ethereum price analysis for May 24, 2022, ends on a bearish note for ETH with considerable chances of losing $1900 as well.
Ethereum price analysis for May 24, 2022, ends on a bearish note for ETH with considerable chances of losing $1900 as well.

Ethereum price analysis for May 24, 2022, comes on a bearish note for the world’s 2nd biggest cryptocurrency which has seen a price drop of more than 4% in the last 24 hours. Furthermore, it seems that the downtrend for Ether might continue in the short term as the token is nearly 60% low than its all-time high noted in the month of November 2021. As noted in our ETH price analysis for May 23, 2022, there is a major resistance for the token beyond the $2000 price region while we have seen buyers’ support at the $1900 price level.

The data from CoinMarketCap shows that the trading volume of the coin rose by 18.11% in the last 24 hours, followed by a 4% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.0638, while the Market Dominance rose to 18.99%. 

The daily candle for Ethereum opened at a price of $1973 and reached a daily high of $1993. On the other hand, the daily low for ETH stands at a price of $1969. The price of 1 ETH at the time of writing is $1985. 

Ethereum price analysis for May 24 on the daily chart

Ethereum price analysis for May 24, 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 37 which means that the bears are taking the fight to the bulls, unwilling to give up their hold on the Ethereum price action.

The MACD indicator shows that the MACD line has broken above the signal line while the MACD histogram also shows bullish bars.

The price action for Ethereum is situated in the lower zone of the Bands and it seems that we might see a retest of the middle zone of the Bands if $1900 holds.

Conclusion

Ethereum price analysis for May 24, 2022, ends on a bearish note for ETH with considerable chances of losing $1900 as well.

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