Ethereum retains price action above $2K after a 2% drop

Ethereum price analysis for May 14, 2022, comes on a bearish note for the Ether (ETH) token which means that the chances of making higher highs in the coming days seem quite low. The nearest support for ETH rests at a price of $1900 and it seems that this region might hold as long as there are buying orders here. As noted in our Ethereum price analysis for May 13, the $2,000 price level is a crucial region to hold. The buying pressure has decreased in the last 24 hours and the chances of retaining current support seem low.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 44.86% in the last 24 hours, followed by a 2.02% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.09109, while the Market Dominance dropped to 19.37%. 

The daily candle for Ethereum opened at a price of $2009 and reached a daily high of $2070. On the other hand, the daily low for ETH stands at a price of $2001. The price of 1 ETH at the time of writing is $2034. 

Ethereum price analysis for May 14 on the daily chart

Ethereum price analysis for May 14, 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 30 while the gradient of the line suggests that lower prices are possible. Ether is currently being oversold in the market.

The MACD indicator shows that the MACD line remains below the signal line while the bearish intensity of the MACD histogram continues to decline.

The price action for Ethereum broke out from the lower end of the Bollinger Bands and is now situated in the lower zone of the Bands continuing the downtrend.

Conclusion