Ethereum Price Analysis — May 16

While its hashrate has performed exceptionally over the past weeks, Ethereum’s price has only suffered the opposite, as ETH continues to drag its feet under $2,100.

The second-largest cryptocurrency managed to muster some bullish momentum over the past three days, but this bullish effort came to naught today after it dipped below the psychological $2,000 mark.

With the persisting bearish cloud hovering over the broader market, ETH could maintain this bearish/sideways momentum in the coming days and weeks until a bullish development emerges in the fundamental space.

Meanwhile, my resistance levels are $2,100, $2,200, and $2,300, and my support levels are $1,900, $1,800, and $1,700.

Total Market Capitalization: $1.27 trillion

Ethereum Market Capitalization: $243.1 billion

Ethereum Dominance: 19.1%

Market Rank: #2