Ethereum is back above $2K: Bullish wheels in motion?

Ethereum price analysis for May 13, 2022, ends on a bearish note for the coin as the chances of holding above $2K are high.
Ethereum price analysis for May 13, 2022, ends on a bearish note for the coin as the chances of holding above $2K are high.

Ethereum price analysis for May 13, 2022, comes on a bullish note for ETH as it has been able to reclaim the $2000 price level in the last 24 hours. The Ether (ETH) token faces a huge resistance above the $2K price region and it will be interesting to see if the bulls are able to push above it. As noted in our ETH price analysis for May 12, 2022, the token was pushed as low as 1900 but it was able to jump back above this region soon afterward. At the time of writing, Ether is 57.44% low from its all-time high.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 11.72% in the last 24 hours, followed by a 6.83% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.1669, while the Market Dominance dropped to 19.40%. 

The daily candle for Ethereum opened at a price of $1960 and reached a daily high of $2115. On the other hand, the daily low for ETH stands at a price of $1940. The price of 1 ETH at the time of writing is $2082. 

Ethereum price analysis for May 13 on the daily chart

Ethereum price analysis for May 13, 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 32 which confirms that the bears are losing control of the market while the downtrend for ETH continues.

The MACD indicator shows that the MACD line remains below the signal line while the histogram shows that bears are in control of the Ethereum price action.

The price action for Ethereum broke out from the lower end of the Bollinger Bands and at the time of writing, Ether is situated in the bearish region of the Bands.

Conclusion

Ethereum price analysis for May 13, 2022, ends on a bearish note for the coin as the chances of holding above $2K are high.

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