Ethereum fails to reclaim $1100: Set to break below a key support level?

Ethereum price analysis
Source: TradingView

Ethereum price analysis for July 2, 2022, comes on a bearish note for the world’s 2nd biggest cryptocurrency as we can confirm that Ether dropped more than 3% in the last 24 hours which means that lower prices can be expected in the near future as well. It is important to note that Ether aims to retest the $1000 price level and it is imperative for this support to hold. But looking at the current situation, it is not very likely that Ether will be able to form an uptrend. As noted in our Ether price analysis for July 1, 2022, the ETH token tried reclaiming $1100 but failed to do so.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 15.09% in the last 24 hours, followed by an 3.52% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.1215, while the Market Dominance rose to 14.81%.

The daily candle for Ethereum opened at a price of $1059 and reached a daily high of $1069. On the other hand, the daily low for ETH stands at a price of $1046. The price of 1 ETH at the time of writing is $1047.

Ethereum price analysis for July 2 on the daily chart

Ethereum price analysis for July 2, 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 32 which means that the Ethereum bulls prevent the price action from getting oversold in the market.

The MACD indicator shows that the MACD line is almost touching the signal line and hence a bearish divergence is very likely to happen in the coming days.

The price action for Ethereum is retesting the lower region of the Bollinger Bands but if bulls don’t take over, a bearish breakout might follow.

Conclusion

Ethereum price analysis for July 2, 2022, ends on a bearish note for Ether with a high possibility of losing $1000 as support.

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