Ethereum price analysis for July 12, 2022, comes on a bearish note for the world’s 2nd biggest crypto as we can confirm that the prices have fallen by more than 7% in the last 24 hours and investors can expect a retracement toward the $1000 price region as well. Furthermore, it seems that the bears will continue to dominate the price action of the Ether token and as noted in our ETH price analysis for July 11, 2022, there is a major support for the Ether price action towards the $1K price level.
Looking at the current trading volume of Ethereum, it doesn’t look like Ether will be making higher highs in the coming days. Additionally, the current situation in the market resembles a downtrend.
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 dropped by 0.09% in the last 24 hours, followed by a 7% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.08966, while the Market Dominance dropped to 14.74%.
The daily candle for Ethereum opened at a price of $1096 and reached a daily high of $1098. On the other hand, the daily low for ETH stands at a price of $1061. The price of 1 ETH at the time of writing is $1067.
Ethereum price analysis for July 12, 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 37 which means that the Ethereum bears aim to push Ether lower.
The MACD line is nearing the signal line and a bearish divergence seems likely to occur.
The price action for Ethereum is retesting the lower zone Bollinger Bands which means that a bearish breakout might follow.
Ethereum price analysis for July 12, 2022, ends on a bearish note for Ether and a bearish retracement to $1000 is possible.
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