Ethereum price analysis for June 9, 2022, comes on a bearish note for the world’s 2nd-biggest cryptocurrency as the chances of Ether breaking towards the $2K price region remain considerable as ETH has been able to retain the price action above the $1800 price region. Furthermore, as noted in our ETH price analysis for June 8, 2022, the token aims to create a support zone at the $1800 price level while the nearest support for the current period rests at $1700. The downtrend for the token continues as buying volume for the Ether token has dropped significant as compared to the all-time high noted in the month of November 2021 at $4,900.
The data from CoinMarketCap shows that the trading volume of the coin dropped by 31.62% in the last 24 hours, followed by a 0.44% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.44, while the Market Dominance dropped to 17.55%.
The daily candle for Ethereum opened at a price of $1791 and reached a daily high of $1808. On the other hand, the daily low for ETH stands at a price of $1777. The price of 1 ETH at the time of writing is $1803.
Ethereum price analysis for June 9 on the daily chart
Ethereum price analysis for June 9, 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 40 which means that the selling pressure for Ethereum has increased while the gradient of the line suggests that prices might fall further.
The MACD indicator shows that the MACD line is coming very close to the signal line as a bearish divergence might occur.
The price action for Ethereum is situated in the lower region of the Bollinger Bands which means that bears are currently in control.
Conclusion
Ethereum price analysis for June 9, 2022, ends on a slightly bullish note for ETH with considerable chances of retaining $1,800.
