Ethereum bulls being pushed hard as prices remain above $1300
Ethereum price analysis for July 18, 2022, comes on a bearish note for the world’s 2nd biggest cryptocurrency as we can confirm that the chances of the token making higher highs in the coming days remain considerable. In the last 24 hours, we saw ETH make an attempt to reclaim the $1500 price level but Ether failed to do so and as a result, the bears prevailed over the price action of Ether. This is because there is a strong resistance zone for Ether beyond $1500 which needs to be broken. The nearest support for Ether lies at the $1K price region.
As noted in our Ether price analysis for July 17, 2022, there are still high chances of making higher highs as Ethereum has retained price action above the $1300 price level in the last 24 hours.
The data from CoinMarketCap shows that the trading volume of the coin dropped by 12.44% in the last 24 hours, followed by a 1.02% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.09879, while the Market Dominance rose to 17.04%.
The daily candle for Ethereum opened at a price of $1338 and reached a daily high of $1345. On the other hand, the daily low for ETH stands at a price of $1336. The price of 1 ETH at the time of writing is $1346.
Ethereum price analysis for July 18 on the daily chart
Ethereum price analysis for July 18, 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 59 which means that the Ethereum bulls are still in control of the price action.
The MACD line is moving away the signal line confirming and the MACD histogram remains bullish.
The price action for Ethereum is retesting the upper zone Bollinger Bands which means that a bullish breakout might follow.
Conclusion
Ethereum price analysis for July 18, 2022, ends on a bullish note for Ether with high chances of retesting $1400.
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