Ethereum price analysis for July 5, 2022, comes on a bullish note for the world’s 2nd biggest cryptocurrency as we can confirm that the Ether token has successfully reclaimed the $1100 price region in the last 24 hours. However, it is important to note that this is not the perfect time for investors to buy the dip. The reason is the resistance beyond the $1200 price level.
If Ether is able to push above the $1200 price region and turn it into a support level and volume continues to increase, we can expect higher prices. Until then, it is expected that Ether might lose the $1000 price region as a major support level, also noted in our ETH price analysis for July 4, 2022.
The data from CoinMarketCap shows that the trading volume of the coin surged by 82.76% in the last 24 hours, followed by a 10.25% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.1044, while the Market Dominance surged to 15.46%.
The daily candle for Ethereum opened at a price of $1151 and reached a daily high of $1174. On the other hand, the daily low for ETH stands at a price of $1142. The price of 1 ETH at the time of writing is $1169.
Ethereum price analysis for July 5 on the daily chart
Ethereum price analysis for July 5, 2022, will take into account the data from the daily chart below and 3 major indicators in the crypto space.
The RSI indicator reads a value below 43 confirming that Ethereum bulls are back in action but bears are still overall dominating.
The MACD indicator shows that the MACD line is moving away from the signal line as the bullish movement continues.
The price action for Ethereum is retesting the middle region of the Bollinger Bands and a breakout into the bullish region seems likely.
Conclusion
Ethereum price analysis for July 5, 2022, ends on a bearish note for Ether with low chances of breaking $1200.
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