Ethereum remains below $2K as conditions remain uncertain

Ethereum price analysis for May 22, 2022, ends on a sluggish note for the coin as volume continues to drop.
Ethereum price analysis for May 22, 2022, ends on a sluggish note for the coin as volume continues to drop.

Ethereum price analysis for May 22, 2022, comes on a bearish note for the coin with low chances of breaking the $2K price region in the coming days. It seems that the bears are currently in control of the price action and we might see another drop in the coming days as well. Additionally, we also noted in our ETH price analysis for May 21, 2022, that the token has major support below the $1900 price region while resistance for Ether remains beyond the $2K price region. At the time of writing, Ether is more than 50% low from its all-time high noted in November 2021.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 46.98% in the last 24 hours, followed by a 1.17% rise in the market cap. Moreover, the Volume / Market Cap has a value of 0.03382, while the Market Dominance dropped to 18.98%. 

The daily candle for Ethereum opened at a price of $1975 and reached a daily high of $1983. On the other hand, the daily low for ETH stands at a price of $1971. The price of 1 ETH at the time of writing is $1977. 

Ethereum price analysis for May 22 on the daily chart

Ethereum price analysis for May 2, 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 35 which means that the bears are currently losing control but the gradient of the line suggests sluggish movement.

The MACD indicator shows that the MACD line has broken above the signal line and a bullish divergence can be confirmed on the daily chart.

The price action for Ethereum is situated in the lower zone of the Bands and which means that sluggish movement continues.

Conclusion

Ethereum price analysis for May 22, 2022, ends on a sluggish note for the coin as volume continues to drop.

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