Ethereum loses $2800 as selling volume jumps

Ethereum price analysis for May 1, 2022, comes on a bearish note for the token with high chances of losing the $2700 price region in the near future. Moreover, as noted in our ETH price analysis for April 30, 2022, the token has major support at the 2800 price region which failed to hold as support. It seems that we can expect Ether to drop further if the $2700 price region doesn’t hold as support in the longer run. On the other hand, if $2700 fails, the next target will be $2500.

The data from CoinMarketCap shows that the trading volume of Ethereum dropped 16.01% in the last 24 hours, and there was a nearly 1.69% drop in the market cap. Furthermore, the Market Dominance has risen to 19.55%, as the Volume / Market Cap Ratio has a value of 0.04541.

The daily candle for Ethereum opened at a price of $2726 and reached a daily high of $2795. Moreover, the daily low for the token stands at a price of $2716. The current price of a single ETH token is $2782. 

Ethereum price analysis for May 1 on the daily chart

Ethereum price analysis for May 1, 2022, will take into account the data from the daily chart below which consists of a few major indicators integrated into it.

Source: TradingView

The RSI indicator reads a value below 41 which confirms that the bears are once again in control of price action. However, the gradient of the line suggests that users are buying the dip.

The MACD indicator shows that the MACD line remains below the signal line as the MACD histogram also remains bearish.

The price action for Ethereum is situated in the lower end of the Bollinger Bands which confirms that a bearish breakout for ETH is still probable.

Conclusion

Ethereum price analysis for May 1, 2022, ends on a bearish note for the token with high chances of losing $2700 in the near future.