Ethereum reclaims $1100: Is the worst over for crypto?

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Ethereum price analysis for June 16, 2022, comes on a bearish note for the world’s 2nd biggest cryptocurrency with low chances of retaining price action above the $1000 price region. In the last 24 hours, we saw Ether breach the $1000 price region and take over the $1100 price region. However, it remains unclear if the bulls have enough support to help Ether breach the $1200 price region and make a move towards $1500. As noted in our Ether price analysis for June 16, 2022, the chances of the token making higher highs are very low as ETH continues to drop further low. It is imperative for ETH to retain prices above $1000.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 1.30% in the last 24 hours, followed by a 0.21% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.2109, while the Market Dominance rose to 14.96%.

The daily candle for Ethereum opened at a price of $1237 and reached a daily high of $1257. On the other hand, the daily low for ETH stands at a price of $1093. The price of 1 ETH at the time of writing is $1116.

Ethereum price analysis for June 16 on the daily chart

Ethereum price analysis for June 16, 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 21 which confirms that Ethereum is under the influence of bears and the gradient of the line suggests that lower prices will follow.

The MACD indicator shows that the MACD line remains below the signal line and the bearish intensity of the MACD histogram continues to increase.

The price action for Ethereum has broken out from the lower end of the Bollinger Bands which has been extended due to increased bearish pressure.

Conclusion

Ethereum price analysis for June 16, 2022, ends on a bearish note for Ether with considerable chances of retesting the $1000 price level.

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