Ethereum retains $1200: Is ETH capable of making a move towards $1500

Ethereum price analysis
Source: TradingView

Ethereum price analysis for June 27, 2022, comes on a sluggish note for the world’s 2nd biggest cryptocurrency as the chances of ETH breaking into an uptrend in the coming days remain low. Furthermore, as noted in our ETH price analysis for June 26, 2022, the token tried to breach the $1500 price level but failed to do following a lack of buying pressure in the market. It seems that in order for Ether to make a move towards $1500, it needs higher buying volume which is not a very big possibility in the current bearish market.

The data from CoinMarketCap shows that the trading volume of the coin surged by 16.76% in the last 24 hours, followed by a 0.84% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.08842, while the Market Dominance dropped to 15.53%.

The daily candle for Ethereum opened at a price of $1197.79 and reached a daily high of $1238.93. On the other hand, the daily low for ETH stands at a price of $1195.82. The price of 1 ETH at the time of writing is $1234.94.

Ethereum price analysis for June 27 on the daily chart

Ethereum price analysis for June 27, 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 41 which means that Ethereum price action is still dominated by the bears and the gradient of the line suggests that higher prices are possible.

The MACD indicator shows that the MACD line remains above the signal line and the MACD histogram continues to remain bullish for the token.

The price action for Ethereum is situated in the lower end of the Bollinger Bands but it is clear that ETH is restesting the middle zone of the Bands.

Conclusion

Ethereum price analysis for June 27, 2022, ends on a sluggish note for Ether as the chances of the Ether retaining the $1200 remain considerable.

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