Ethereum fails to maintain price action above $2100: Drops 1%

Ethereum price analysis for May 17, 2022, ends on a bearish note for the coin as it was unable to hold above $2100.
Ethereum price analysis for May 17, 2022, ends on a bearish note for the coin as it was unable to hold above $2100.

Ethereum price analysis for May 17, 2022, comes on a bearish note for the Ether token as chances of making higher highs seem quite low in the near future. As noted in our ETH analysis for May 16, 2022, the ETH token has major resistance beyond the $2100 price region and as a result, the market is in a sluggish state. On the other hand, the token has increased buyers’ support below the $1900 price region which means that back and forth movement will continue until either of the two breaks.

The data from CoinMarketCap shows that the trading volume of the coin surged by 31.16% in the last 24 hours, followed by a 1.08% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.08552, while the Market Dominance dropped to 19.23%. 

The daily candle for Ethereum opened at a price of $2023 and reached a daily high of $2066. On the other hand, the daily low for ETH stands at a price of $2018.80. The price of 1 ETH at the time of writing is $2058. 

Ethereum price analysis for May 17 on the daily chart

Ethereum price analysis for May 17, 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 34 which means that the sellers are still in control and the gradient of the line confirms that sluggish movement will continue for the near future.

The MACD indicator shows that the MACD line remains below the signal line and the two are coming closer hinting at a possible bullish divergence.

The price action for Ethereum is situated in the lower zone of the Bands although we can expect ETH to retest the middle zone soon.

Conclusion

Ethereum price analysis for May 17, 2022, ends on a bearish note for the coin as it was unable to hold above $2100.

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