Ethereum retains price action above $2700 as bears regain control

Ethereum price analysis for May 6, 2022, comes on a bearish note for the coin as the world’s second-largest cryptocurrency has lost the important price region of $2700. It seems that we might witness another bearish drop if the $2700 price region doesn’t hold as support. In the last 24 hours, ETH has seen a price crash of over 6% as the bears have regained control of the price action. As noted in our ETH price analysis for May 5, 2022, the coin tried to breach $3K but failed as volume wasn’t enough for the same.

The data from CoinMarketCap shows that the trading volume of the token increased by 24.97% in the last 24 hours, followed by a 6.82% decrease in the market cap. Moreover, the Volume / Market Cap has a value of 0.07007, while the Market Dominance rose to 19.80%. 

The daily candle for Ethereum opened at a price of $2747 and reached a daily high of $2758. On the other hand, the daily low for ETH stands at a price of $2724. The price of 1 ETH at the time of writing is $2740. 

Ethereum price analysis for May 6 on the daily chart

Ethereum price analysis for May 6, 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 42 which confirms that the chances of Ethereum making a move to reclaim the $2800 price region remain considerable.

The MACD indicator shows that the MACD line has broken below the signal line which means that bears are currently in control of the Ethereum price action.

The price action for Ethereum aims to test the lower end of the Bollinger Bands and investors can expect a bearish breakout as well.

Conclusion

Ethereum price analysis for May 6, 2022, ends on a bearish note for the token with considerable chances of bulls aiming to reclaim $2800.