Ethereum back below $1200 after around 4% price drop

Ethereum price analysis
Source: TradingView

Ethereum price analysis for July 11, 2022, comes on a bearish note for the world’s 2nd biggest cryptocurrency as we can confirm that the Ether token has dropped by a whopping 3.7% in the last 24 hours. Despite the attempts of converting the $1200 price region into support, the bulls failed to make higher highs and as a result, are now retesting the lower region of the $1100 price region. However, there is a strong support for the Ether token towards the $1K price region and it will be interesting to see if bulls are capable of holding here.

As noted in our ETH price analysis for July 10, 2022, there are considerable chances of Ether failing to make higher highs in the coming days and losing $1K if sellers remain dominant.

The data from CoinMarketCap shows that the trading volume of the coin surged by 26.81% in the last 24 hours, followed by a 3.39% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.08392, while the Market Dominance dropped to 15.24%.

The daily candle for Ethereum opened at a price of $1168 and reached a daily high of $1171. On the other hand, the daily low for ETH stands at a price of $1137. The price of 1 ETH at the time of writing is $1145.

Ethereum price analysis for July 11 on the daily chart

Ethereum price analysis for July 11, 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 42 which means that the Ethereum bears are still in control.

The MACD line is nearing the signal line while the intensity of the histogram continues to decrease.

The price action for Ethereum is retesting the middle zone Bollinger Bands which means that a bearish breakout might follow.

Conclusion

Ethereum price analysis for July 11, 2022, ends on a bearish note for Ether as it failed to turn $1200 into support.

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