Ethereum forms 3rd bearish candle after days of bullish momentum
Ethereum price analysis for July 21, 2022, comes on a bearish note for the world’s 2nd biggest cryptocurrency as we can confirm that the prices have dropped by 5% in the last 24 hours and investors can expect another drop as well. In the same duration, we saw Ether lose the important price level of $1,500 as there is a major resistance for the token between $1,500 and $1,800. If the token fails to hold here, we might see Ether break below the $1,200 price level in the near future.
Furthermore, as noted in our Ether price analysis for July 20, 2022, there are considerable chances of the Ether token retesting the $1K price level which is a major support for the token and investors can expect ETH to make higher highs if this holds.
The data from CoinMarketCap shows that the trading volume of the coin surged by 2.10% in the last 24 hours, followed by a 5% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.13, while the Market Dominance dropped to 17.67%.
The daily candle for Ethereum opened at a price of $1521 and reached a daily high of $1554. On the other hand, the daily low for ETH stands at a price of $1463. The price of 1 ETH at the time of writing is $1490.
Ethereum price analysis for July 21 on the daily chart
Ethereum price analysis for July 21, 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 62 which means that the buying pressure for Ethereum is very high right now.
The MACD line is moving away the signal line while the MACD histogram remains bullish for the Ether token.
The price action for Ethereum is situated in the upper end Bollinger Bands which means that the chances of a trend reversal are still high.
Conclusion
Ethereum price analysis for July 21, 2022, ends on a bullish note for Ether with high chances of reclaiming the $1500 price region.
