Ethereum price analysis for July 17, 2022, comes on a bullish note for the 2nd biggest cryptocurrency in the crypto market as we can confirm that the prices have surged by more than 11% in the last 24 hours and investors can expect higher highs in the coming days if the bulls continue to dominate the price action of the token. Additionally, Ether (ETH) reclaimed the $1,400 for a short duration in the last 24 hours as the buying volume kept on increasing. It seems that there is a renewed interest in Ether as The Merge is very close.
As noted in our Ether price analysis for July 16, 2022, the Ethereum token has strong support at the $1000 price level which hasn’t been broken in the past few days. On the other hand, there is a strong resistance at the $1500 price level as well.
The data from CoinMarketCap shows that the trading volume of the coin surged by 18.48% in the last 24 hours, followed by a 10.74% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.1185, while the Market Dominance rose to 16.96%.
The daily candle for Ethereum opened at a price of $1355 and reached a daily high of $1367. On the other hand, the daily low for ETH stands at a price of $1328. The price of 1 ETH at the time of writing is $1356.
Ethereum price analysis for July 17, 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 60 which means that the Ethereum bulls are now in control of the price action.
The MACD line is moving away the signal line confirming that the Ethereum will make higher highs in the coming days.
The price action for Ethereum is retesting the upper zone Bollinger Bands which means that a bullish breakout might follow.
Ethereum price analysis for July 17, 2022, ends on a bullish note for Ether with high chances of retesting $1400 once again.
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