Ethereum on the verge of losing $1500: Another crash incoming?
Ethereum price analysis for June 12, 2022, comes on a bearish note for the token with increased chances of losing the $1500 price level in the next few days if the bulls don’t take over the entire crypto space. Furthermore, in the coming few weeks, the Ethereum Merge might drive the price action for Ether. As noted in our Ether price analysis for June 11, 2022, the world’s 2nd biggest cryptocurrency aims to break above $2K but has failed to do so on multiple occasions. The chances of moving higher in the near future seem quite low for now.
The data from CoinMarketCap shows that the trading volume of the coin surged by 22.83% in the last 24 hours, followed by a 9.45% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.1182, while the Market Dominance dropped to 16.23%.
The daily candle for Ethereum opened at a price of $1532 and reached a daily high of $1542. On the other hand, the daily low for ETH stands at a price of $1507. The price of 1 ETH at the time of writing is $1520.
Ethereum price analysis for June 12 on the daily chart
Ethereum price analysis for June 12, 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 29 which means that the sellers are overall in control of the Ethereum price action and the gradient of the line suggests that we can expect ETH to enter oversold levels.
The MACD indicator shows that the MACD line has broken below the signal line which can be confirmed as a bearish divergence.
The price action for Ethereum has broken out from the lower region of the Bollinger Bands indicating a strong sell-off.
Conclusion
Ethereum price analysis for June 12, 2022, ends on a bearish note for Ether with increased chances of losing $1500.
