Ethereum fails to retain $1,600 as back and forth movement begins

Ethereum price analysis for July 25, 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 remain very low. However, this is mainly due to a lack of volume in the market. In the last 24 hours, we have seen Ether drop 4% in prices and additional price drops might come as well. We have seen that the token has failed to hold above $1600 price level which seems to be a major resistance for the price action.

As noted in our Ether price analysis for July 24, 2022, the nearest support for the Ethereum token stands at the $1000 price region but if the bulls remain in control, we can expect another breakout towards $1600.

The data from CoinMarketCap shows that the trading volume of the coin surged by 24.23% in the last 24 hours, followed by a 4.39% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.1048, while the Market Dominance rose to 18.39%.

The daily candle for Ethereum opened at a price of $1597 and reached a daily high of $1609. On the other hand, the daily low for ETH stands at a price of $1498. The price of 1 ETH at the time of writing is $1525.

Ethereum price analysis for July 25 on the daily chart

Ethereum price analysis for July 25, 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 61 which means that the Ethereum token continues to remain in demand of the buyers.

The MACD line is still away from the signal line but the two are now making a move towards each other.

The price action for Ethereum is situated in the upper end of the Bollinger Bands but a retest of the middle zone of the Bands seem likely.

Conclusion

Ethereum price analysis for July 25, 2022, ends on a bearish note for Ether with high chances of retaining the $1500 price region.