Ethereum price analysis for July 22, 2022, comes on a bullish note for the world’s 2nd biggest cryptocurrency as we can confirm that the prices have surged by more than 3% in the last 24 hours and another price surge might follow if the bulls remain in control of the price action of the token. Furthermore, it is also important to note that there are chances of Ether breaking the $1,600 price level in the near future if the situation remains in the same. We have seen Ether outperforming Bitcoin in the last few days as well, a fact noted in our BTC price analysis for July 21.
Furthermore, as noted in our Ether price analysis for July 21, 2022, there is a strong support for the token at the $1000 price level.
The data from CoinMarketCap shows that the trading volume of the coin surged by 12.53% in the last 24 hours, followed by a 3% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.1038, while the Market Dominance rose to 18.29%.
The daily candle for Ethereum opened at a price of $1575 and reached a daily high of $1588. On the other hand, the daily low for ETH stands at a price of $1569. The price of 1 ETH at the time of writing is $1582.
Ethereum price analysis for July 22 on the daily chart
Ethereum price analysis for July 22, 2022, will take into account the data from the daily chart below and 3 major indicators in the crypto space.
The RSI indicator reads a value below 67 which means that the buying pressure for Ethereum is still very high and higher prices are possible.
The MACD line is moving away the signal line and the strength of the MACD histogram remains bullish.
The price action for Ethereum is situated in the upper end Bollinger Bands which means we can witness a trend reversal in the near future.
Conclusion
Ethereum price analysis for July 22, 2022, ends on a bullish note for Ether with high chances of breaking the $1600 price region.
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