Ethereum falls below $1100: Bulls gradually leave the market
Ethereum price analysis for June 22, 2022, comes on a bearish note for the world’s 2nd biggest cryptocurrency after a price drop of nearly 6% in the last 24 hours. Furthermore, it is also important to note that there is considerable support for the Ether token toward the $1000 price region which if doesn’t hold, might lead to ETH crashing big time. As noted in our Ether price analysis for June 21, 2022, the token failed to break above the $1200 price level which seems to be a region of resistance for the Ether bulls.
The data from CoinMarketCap shows that the trading volume of the coin dropped by 19.03% in the last 24 hours, followed by a 5.99% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.1089, while the Market Dominance dropped to 14.68%.
The daily candle for Ethereum opened at a price of $1125 and reached a daily high of $1127. On the other hand, the daily low for ETH stands at a price of $1066. The price of 1 ETH at the time of writing is $1076.
Ethereum price analysis for June 22 on the daily chart
Ethereum price analysis for June 22, 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 28 which means that Ethereum has entered the oversold region and investors can expect lower prices.
The MACD indicator shows that the MACD line is now touching the signal line which could mean that investors can expect a bullish divergence soon.
The price action for Ethereum is situated in the lower end of the Bollinger Bands and there are increased chances of Ether witnessing a bearish breakout .
Conclusion
Ethereum price analysis for June 22, 2022, ends on a bearish note for Ether with increased chances of retesting $1000.
