Ethereum about to lose $1,400 after a 6% price drop

Ethereum price analysis for July 26, 2022, comes on a bearish note for the world’s 2nd biggest cryptocurrency as we can confirm that the prices have dropped by more than 6.1% in the last 24 hours and additional price drop is also possible in the near future. Moreover, we can also confirm that Ether lost the $1500 price level after a drastic price fall and underperformed after weeks of overperforming. It is also important to note that ETH did reclaim the $1600 price level for a brief moment but failed to move higher.

As noted in our Ether price analysis for July 25, 2022, there are increased chances of the Ethereum token dropping to the nearest support to the $1000 price region. This is a major support level which has been holding for a very long time.

The data from CoinMarketCap shows that the trading volume of the coin surged by 1.57% in the last 24 hours, followed by a 6.63% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.1143, while the Market Dominance dropped to 17.90%.

The daily candle for Ethereum opened at a price of $1440 and reached a daily high of $1450. On the other hand, the daily low for ETH stands at a price of $1400. The price of 1 ETH at the time of writing is $1425.

Ethereum price analysis for July 26 on the daily chart

Ethereum price analysis for July 26, 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 54 which means that the Ethereum bears are about to take over soon.

The MACD line is very close to the signal line and a bearish divergence is very likely in the short term.

The price action for Ethereum is situated in the upper end of the Bollinger Bands and we can expect the token to retest the middle zone soon.

Conclusion

Ethereum price analysis for July 26, 2022, ends on a bearish note for Ether with high chances of losing the $1400 price region.