Ethereum jumps more than 2%: Bulls back in action?

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Ethereum price analysis for May 11, 2022, comes on a bearish note for the world’s second-biggest cryptocurrency as the chances of breaking the $2400 price region are quite considerable. As per Ether price analysis for May 10, 2022, the chances of losing the $2300 price region are also considerable since the bulls are still in control of the price action. Moreover, in the last 24 hours, ETH rose 2.06% in price and it seems that the buying demand was higher in the same duration. However, ETH needs to retain prices above $2300 to reach higher prices in the near future.

The data from CoinMarketCap shows that the trading volume of the coin surged by 104.47% in the last 24 hours, followed by a 6.26% decrease in the market cap. Moreover, the Volume / Market Cap has a value of 0.1473, while the Market Dominance rose to 19.84%. 

The daily candle for Ethereum opened at a price of $2342 and reached a daily high of $2392. On the other hand, the daily low for ETH stands at a price of $2320. The price of 1 ETH at the time of writing is $2360. 

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Ethereum price analysis for May 11 on the daily chart

Ethereum price analysis for May 11, 2022, will take into account the data from the daily chart below and 3 major indicators in the crypto space.

Source: TradingView

The RSI indicator reads a value below 34 which means that the bulls are now back in action. The gradient of the line suggests that slightly higher prices are possible.

The MACD indicator shows that the MACD line remains below the signal line and the MACD histogram is bearish on the whole.

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The price action for Ethereum continues the breakout from the lower end of the Bollinger Bands which means that the downtrend will continue for Ether.

Conclusion

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