Ethereum loses $2K: Market continues to bleed

Ethereum price analysis for May 12, 2022, comes on a bearish note for the Ether token as ETH lost 18% of its price in the last 24 hours and continues to bleed. On the other hand, the chances of ETH breaking into an uptrend right now are next to nil as the bears continue to dominate. On the other hand, as noted in our ETH price analysis for May 11, 2022, the world’s 2nd biggest cryptocurrency tried to maintain prices above the $2300 price region but the selling pressure was higher than expected. ETH is currently almost 60% low than the all-time high.

The data from CoinMarketCap shows that the trading volume of the coin surged by 38.73% in the last 24 hours, followed by a 16.65% decrease in the market cap. Moreover, the Volume / Market Cap has a value of 0.2, while the Market Dominance dropped to 19.54%. 

The daily candle for Ethereum opened at a price of $2084 and reached a daily high of $2195. On the other hand, the daily low for ETH stands at a price of $1923. The price of 1 ETH at the time of writing is $1930. 

Ethereum price analysis for May 12 on the daily chart

Ethereum price analysis for May 12, 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 25 which confirms that the selling pressure is significantly high and the gradient of the line tells us that we can expect another drop in prices.

The MACD indicator shows that the MACD line remains below the signal line while the MACD histogram is indeed bearish. Lower lows will be formed.

The price action for Ethereum tried to stop the breakout from the lower end of the Bollinger Bands but failed to do so.

Conclusion