Ethereum loses $1700 after a 6% price drop in 24 hours
Ethereum price analysis for June 11, 2022, comes on a bearish note for the world’s 2nd biggest cryptocurrency as there are low chances of reclaiming the lost $1700 price region in the short term. Furthermore, as noted in our ETH price analysis for June 10, 2022, the token aimed to break the $1800 price region but failed to do so because of a surge in selling pressure in the last 24 hours. In the same time period, the prices for the Ether token have dropped by more than 6% which further indicates that bears remain strong.
The data from CoinMarketCap shows that the trading volume of the coin surged by 34.08% in the last 24 hours, followed by a 6.77% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.08619, while the Market Dominance dropped to 16.96%.
The daily candle for Ethereum opened at a price of $1662 and reached a daily high of $1682. On the other hand, the daily low for ETH stands at a price of $1658. The price of 1 ETH at the time of writing is $1669.
Ethereum price analysis for June 11 on the daily chart
Ethereum price analysis for June 11, 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 35 which means that the sellers are in control of the price action and the gradient of the line suggests that sluggish movement will follow.
The MACD indicator shows that the MACD line is nearly touching the signal line and we can expect a bearish divergence to occur in the near future for Ethereum.
The price action for Ethereum is situated in the lower region of the Bollinger Bands and another sell-off will mark a bearish breakout for the token.
Conclusion
Ethereum price analysis for June 11, 2022, confirms that the token might remain bearish as we can see ETH lose $1600 as well.
