Ethereum continues uptrend: Is it the right time to buy ETH?

Ethereum price analysis for July 29, 2022, comes on a bullish note for the world’s 2nd biggest cryptocurrency as we can confirm that the prices have soared by almost 5% in the last 24 hours and additional price surges are possible as well, in the near future. Additionally, the token has reached its resistance at the $1700 price level. It is important to note that the current resistance zone for Ether (ETH) stands in the range of $1500-$1700 and the bulls seem to aim to make a move towards $2K.

As noted in our Ether price analysis for July 28, 2022, the nearest support for the Ethereum token stands the $1000-$1200 price region which remains strong for the token. It seems that the Merge is likely to push the prices of Ether higher in the coming days.

The data from CoinMarketCap shows that the trading volume of the coin surged by 19.23% in the last 24 hours, followed by a 4.97% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.1307, while the Market Dominance rose to 18.97%.

The daily candle for Ethereum opened at a price of $1724 and reached a daily high of $1727. On the other hand, the daily low for ETH stands at a price of $1696. The price of 1 ETH at the time of writing is $1699.

Ethereum price analysis for July 29 on the daily chart

Ethereum price analysis for July 29, 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 66 confirming that the Ethereum bulls are still in overall control.

The MACD line is close but nearly parallel to the signal line while bullish intensity of the histogram continues to increase.

The price action for Ethereum is situated in the upper end of the Bollinger Bands and a bullish breakout is certainly possible.

Conclusion

Ethereum price analysis for July 29, 2022, ends on a bullish note for Ether with high chances of retesting $1700 once again.