Ethereum nears $1,200 after a 3% price jump

Ethereum price analysis
Source: TradingView

Ethereum price analysis for July 7, 2022, comes on a slightly bullish note for the world’s 2nd biggest crypto as we can see that the prices have surged by almost 3% in the last 24 hours and Ether nears the $1200 price region. In the past few weeks, we have seen Ether reclaim the $1200 price region a number of times but it was unable to retain above this price action and it seems that a similar situation might be seen once again since buying pressure is not very high.

As noted in our ETH price analysis for July 6, 2022, there is strong support for the token at the $1000 price region and it seems that investors might need to get ready for a retest of this support if ETH doesn’t reclaim the $1200 price level in the near future.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 17.65% in the last 24 hours, followed by a 2.95% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.09994, while the Market Dominance rose to 15.5%.

The daily candle for Ethereum opened at a price of $1186 and reached a daily high of $1189. On the other hand, the daily low for ETH stands at a price of $1165. The price of 1 ETH at the time of writing is $1170.

Ethereum price analysis for July 7 on the daily chart

Ethereum price analysis for July 7, 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 44 confirming that Ethereum bears are in charge overall.

The MACD indicator shows that the MACD line is moving away from the signal line indicating the bulls are gaining strength.

The price action for Ethereum is retesting the middle region of the Bollinger Bands which means that the bulls and bears are evenly matched.

Conclusion

Ethereum price analysis for July 7, 2022, ends on a slightly bullish note for Ether as it aims to breach the $1200 price level.

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