Ethereum finds support at $2K: Back and forth movement prevails

Ethereum price analysis for May 18, 2022, ends on a bearish note for the coin as chances of retaining $2K decrease.
Ethereum price analysis for May 18, 2022, ends on a bearish note for the coin as chances of retaining $2K decrease.

Ethereum price analysis for May 18, 2022, comes on a bearish note for the coin with Ether pushing above $2K for a brief interval in the last 24 hours but unable to retain prices above this region. Furthermore, ETH price analysis for May 17, 2022, noted that the token has a minor support at the $2000 price region which remains strong for now. On the other hand, we have seen a 2.47% price drop in the last 24 hours which means that the bears remain in control of the overall price action.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 12.36% in the last 24 hours, followed by a 1.64% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.07064, while the Market Dominance dropped to 19.18%. 

The daily candle for Ethereum opened at a price of $2090 and reached a daily high of $2110. On the other hand, the daily low for ETH stands at a price of $2030. The price of 1 ETH at the time of writing is $2033. 

Ethereum price analysis for May 18 on the daily chart

Ethereum price analysis for May 18, 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 selling pressure is indeed high while the gradient of the line suggests that lower prices are possible for Ether in the short term.

The MACD indicator shows that the MACD line remains below the signal line but the two are coming closer and we can expect a bullish divergence soon.

The price action for Ethereum is situated in the lower zone of the Bands which means that the bears are dominating the prices.

Conclusion

Ethereum price analysis for May 18, 2022, ends on a bearish note for the coin as chances of retaining $2K decrease.

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