Ethereum loses $2K as selling volume jumps

Ethereum price analysis for May 19, 2022, ends on a bearish note for the coin as chances of reclaiming $2k seem low.
Ethereum price analysis for May 19, 2022, ends on a bearish note for the coin as chances of reclaiming $2k seem low.

Ethereum price analysis for May 19, 2022, comes on a bearish note for the Ether (ETH) token which means that the chances of making higher highs have depleted. In the last 24 hours, we have seen ETH lose the $2000 price region and if the situation remains similar, we might witness ETH lose $1900 as well. As noted in our ETH price analysis for May 18, 2022, the $2000 price region acted as a moderate amount of support for the token and if it isn’t reclaimed immediately, we will have to consider $1600 back on the table.

The data from CoinMarketCap shows that the trading volume of the coin jumped by 5.59% in the last 24 hours, followed by a 3.53% drop in the market cap. Moreover, the Volume / Market Cap has a value of 3.53, while the Market Dominance dropped to 19.04%. 

The daily candle for Ethereum opened at a price of $1915 and reached a daily high of $1973. On the other hand, the daily low for ETH stands at a price of $1903. The price of 1 ETH at the time of writing is $1962. 

Ethereum price analysis for May 19 on the daily chart

Ethereum price analysis for May 19, 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 34 which means that the selling pressure is defeating the buyers while the gradient of the line suggests that price action will remain sluggish for Ethereum in the short term.

The MACD indicator shows that the MACD line remains below the signal line but the two are coming closer and a bullish divergence might follow in the near future.

The price action for Ethereum is situated in the lower zone of the Bands which means that the selling pressure is still high for ETH.

Conclusion

Ethereum price analysis for May 19, 2022, ends on a bearish note for the coin as chances of reclaiming $2k seem low.

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