Ethereum once again back above $2K after a 4% surge

Ethereum price analysis for May 20, 2022, ends on a bearish note for the coin as the chances of breaking above $2k are considerable.
Ethereum price analysis for May 20, 2022, ends on a bearish note for the coin as the chances of breaking above $2k are considerable.

Ethereum price analysis for May 20, 2022, comes on a bullish note for the token with increased chances of retaining the $2K price region. In the last 24 hours, we have seen a price surge of 4% and it seems that the bulls might remain in control of the price action as well. Additionally, we also noted in our ETH price analysis for May 19, 2022, that the Ether token has major support at the $1900 price region. With The Merge coming in a few months, buying ETH might be one of the most sound decisions for anyone in the crypto industry.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 2.91% in the last 24 hours, followed by a 4.06% rise in the market cap. Moreover, the Volume / Market Cap has a value of 0.07253, while the Market Dominance rose to 19.08%. 

The daily candle for Ethereum opened at a price of $2019 and reached a daily high of $2052. On the other hand, the daily low for ETH stands at a price of $2004. The price of 1 ETH at the time of writing is $2026. 

Ethereum price analysis for May 20 on the daily chart

Ethereum price analysis for May 20, 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 36 which means that the buyers are taking over gradually while the gradient of the line suggests a sluggish movement for ETH in the short term.

The MACD indicator shows that the MACD line remains below the signal line but the two are nearly touching each other and hence, a bullish divergence might follow.

The price action for Ethereum is situated in the lower zone of the Bands but the bulls aim to retest the middle zone of the Bands.

Conclusion

Ethereum price analysis for May 20, 2022, ends on a bearish note for the coin as the chances of breaking above $2k are considerable.

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