Ethereum price analysis for July 16, 2022, comes on a bearish note for the world’s 2nd biggest cryptocurrency as we can confirm that the Ether token now aims to to break above the $1300 price level beyond which lies a major resistance region for the token. In the last 24 hours, Ether surged by more than 2.3% and it seems that we might continue to see this bullish trajectory being followed by the token ahead of the ETH 2.0 Merge. Being the 2nd biggest cryptocurrency in the world, Ether has outperformed BTC for quite a while.
Additionally, as noted in our ETH price analysis for July 15, 2022, we can expect Ethereum to make high highs in the coming days provided the bying volume of the token continues to increase.
The data from CoinMarketCap shows that the trading volume of the coin dropped to 6.58% in the last 24 hours, followed by a 2.3% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.1101, while the Market Dominance rose to 15.94%.
The daily candle for Ethereum opened at a price of $1231 and reached a daily high of $1235. On the other hand, the daily low for ETH stands at a price of $1209. The price of 1 ETH at the time of writing is $1222.
Ethereum price analysis for July 16, 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 51 which means that the Ethereum bulls are now in control of the price action.
The MACD line is moving away the signal line confirming that the bulls are now in control of the Ethereun price action.
The price action for Ethereum is retesting the upper zone Bollinger Bands which means that buyers aim for higher prices.
Ethereum price analysis for July 16, 2022, ends on a bullish note for Ether with high chances of retaining $1200.
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