Ethereum loses $2700: Downtrend to continue

Ethereum price analysis for May 7, 2022, comes on a bearish note for the coin as Ether has lost more than 2.79% of its price in the last 24 hours. It seems that the coin might lose the $2600 price region as well in the near future if the bears continue to prevail in the crypto market. Moreover, as noted in our ETH prices analysis for May 6, 2022, the token had major support at the $2700 which it failed to retain and now this region has turned into major resistance. Another major resistance is above the $3000 price region.

The data from CoinMarketCap shows that the trading volume of the token decreased by 14.16% in the last 24 hours, followed by a 2.90% decrease in the market cap. Moreover, the Volume / Market Cap has a value of 0.06276, while the Market Dominance dropped to 19.63%. 

The daily candle for Ethereum opened at a price of $2692 and reached a daily high of $2698. On the other hand, the daily low for ETH stands at a price of $2653. The price of 1 ETH at the time of writing is $2672. 

Ethereum price analysis for May 7 on the daily chart

Ethereum price analysis for May 7, 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 39 which means that the chances of losing the $2600 remain high and the gradient of the line is also negative.

The MACD indicator shows that the MACD line remains below the signal line which means that the selling pressure remains quite high for the token.

The price action for Ethereum has broken from the lower end of the Bollinger Bands which confirms that the ETH downtrend might continue.

Conclusion

Ethereum price analysis for May 7, 2022, ends on a bearish note for the token with considerable chances of bears aiming to push ETH below $2600.