Ethereum forms 5th bearish daily candle: What’s next?

Ethereum price analysis for May 9, 2022, ends on a bearish note for the coin as the chances of losing the $2300 region are high.
Ethereum price analysis for May 9, 2022, ends on a bearish note for the coin as the chances of losing the $2300 region are high.

Ethereum price analysis for May 9, 2022, comes on a bearish note for the ETH coin as the chances of losing the $2400 price region are also high. Furthermore, as noted in our ETH price analysis for May 8, 2022, the coin had lost the $2500 price support and as per TheCoinRise, the world’s 2nd biggest cryptocurrency is seriously undervalued. Moreover, as noted by TheCoinRise, the token had good support at the $2500 price region but it failed to hold following a surge in selling pressure. At the time of writing, ETH is around 49.60% low from its all-time high.

The data from CoinMarketCap shows that the trading volume of the coin surged by 24.37% in the last 24 hours, followed by a 2.74% decrease in the market cap. Moreover, the Volume / Market Cap has a value of 0.0678, while the Market Dominance dropped to 19.23%. 

The daily candle for Ethereum opened at a price of $2519 and reached a daily high of $2530. On the other hand, the daily low for ETH stands at a price of $2423. The price of 1 ETH at the time of writing is $2461. 

Ethereum price analysis for May 9 on the daily chart

Ethereum price analysis for May 9, 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 33 which confirms that the bears are currently in control as the gradient of the line suggests that lower prices will follow.

The MACD indicator shows that the MACD line remains below the signal line as the MACD histogram remains bearish with high chances of losing $2,000 in the near future.

The price action for Ethereum has broken from the lower end of the Bollinger Bands and bulls continue to be driven out of the market.

Conclusion

Ethereum price analysis for May 9, 2022, ends on a bearish note for the coin as the chances of losing the $2300 region are high.

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