Ethereum fails to retain prices above $1900: Might lose $1800
Ethereum price analysis for June 7, 2022, comes on a slightly bearish note for Ether as the token was unable to retain price action above the $1900 price level and make an attempt to breach $2K price resistance. Additionally, there are chances that Ether might lose the $1800 price level as well and retest the support region around the $1700 price level. As noted in our ETH price analysis for June 6, 2022, the world’s 2nd biggest cryptocurrency doesn’t have any major buying volume as fear of a crypto winter seems to have pushed the buyers out of the market.
The data from CoinMarketCap shows that the trading volume of the coin surged by 92.12% in the last 24 hours, followed by a 2.63% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.07567, while the Market Dominance dropped to 17.62%.
The daily candle for Ethereum opened at a price of $1859 and reached a daily high of $1862. On the other hand, the daily low for ETH stands at a price of $1803. The price of 1 ETH at the time of writing is $1803.74.
Ethereum price analysis for June 7 on the daily chart
Ethereum price analysis for June 7, 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 40 which means that the sellers are once again taking over the price action.
The MACD indicator shows that the MACD line is above the signal line while the bullishness of the MACD histogram has started to decrease.
The price action for Ethereum failed to break above the middle zone of the Bollinger Bands and remains in the bearish area of the Bands.
Conclusion
Ethereum price analysis for June 7, 2022, ends on a slightly bearish note for ETH with increased chances of losing the $1800 price level in the near future.
