Ethereum nears $1200 price region after a 9% price surge

Ethereum price analysis
Source: TradingView

Ethereum price analysis for June 20, 2022, comes on a bearish note for the world’s 2nd biggest cryptocurrency as the chances of reclaiming the $1200 price region in the coming days seem quite high. As per our ETH price analysis for June 19, 2022, Ether aimed to reclaim the $1100 price region after retaining $1000 as a major support level. It will be interesting to see if ETH is able to make higher highs in the coming days. Furthermore, the chances of Ether reclaiming its all-time high of $4900 this year seem low.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 12.25% in the last 24 hours, followed by an 8.71% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.1569, while the Market Dominance rose to 15.15%.

The daily candle for Ethereum opened at a price of $1128 and reached a daily high of $1170. On the other hand, the daily low for ETH stands at a price of $1053. The price of 1 ETH at the time of writing is $1137.

Ethereum price analysis for June 20 on the daily chart

Ethereum price analysis for June 20, 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 30 which confirms that the bears are overall in control of the price action but the gradient of the line suggests that higher prices might follow.

The MACD indicator shows that the MACD line remains below the signal line but the two lines are coming closer to each other, hinting at a bearish divergence.

The price action for Ethereum is situated in the lower end of the Bollinger Bands and if trading volume doesn’t surge, we can expect a bearish breakout soon.

Conclusion

Ethereum price analysis for June 20, 2022, ends on a bearish note for Ether with considerable chances of reclaiming $1200.

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