Ethereum might lose $1000 soon: Bears take over the market

Ethereum price analysis
Source: TradingView

Ethereum price analysis for June 30, 2022, comes on a bearish note for the world’s 2nd biggest cryptocurrency as the chances of the token making higher highs and reclaiming the $1200 price region in the coming days remain low for the token. Furthermore, as noted in our Ether price analysis for June 29, 2022, the token lost the $1100 price region and it seems that lower prices might follow in the coming days well. It is important to note that the nearest support for the token stands at $1000 and it seems that we might see Ether fall below this price region in the coming days.

The data from CoinMarketCap shows that the trading volume of the coin surged by 14.03% in the last 24 hours, followed by an 8.72% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.1323, while the Market Dominance dropped to 14.51%.

The daily candle for Ethereum opened at a price of $1100 and reached a daily high of $1106. On the other hand, the daily low for ETH stands at a price of $1012. The price of 1 ETH at the time of writing is $1013.

Ethereum price analysis for June 30 on the daily chart

Ethereum price analysis for June 30, 2022, will take into account the data from the daily chart below and 3 major indicators in the crypto space.

Ethereum price analysis
Source: TradingView

The RSI indicator reads a value below 31 which means that the Ethereum will continue to see lower prices in the near future.

The MACD indicator shows that the MACD line remains above the signal line but these two lines are moving closer indicating that lower prices will follow.

The price action for Ethereum is retesting the lower zone of the Bollinger Bands which means that a bearish breakout will follow.

Conclusion

Ethereum price analysis for June 30, 2022, ends on a bearish note for Ether with low chances of retaining $1000 price support.

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