Ethereum shows no signs of stopping, aims to break $1700

Ethereum price analysis for July 23, 2022, comes on a bullish note for the world’s 2nd biggest cryptocurrency as we can confirm that the chances of making higher highs remain higher for the Ether token. In the last 24 hours, the price have surged by more than 12% which means that investors saw a Ether get rid of all the price correction seen in the last few days. This means that the trend reversal for Ether might just be around the corner and investors can expecet the token to continue making new higher highs.

As noted in our Ether price analysis for July 27, 2022, the nearest support for the token has been found around the $1000-$1200 but the buying demand for the token is very high as it rebounded from $1400 in the last 24 hours.

The data from CoinMarketCap shows that the trading volume of the coin surged by 26.44% in the last 24 hours, followed by a 13.97% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.1156, while the Market Dominance rose to 18.90%.

The daily candle for Ethereum opened at a price of $1449 and reached a daily high of $1458. On the other hand, the daily low for ETH stands at a price of $1426. The price of 1 ETH at the time of writing is $1429.

Ethereum price analysis for July 27 on the daily chart

Ethereum price analysis for July 27, 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 64 confirming that Ethereum is once again aiming for the overbought region.

The MACD line is very close but nearly parallel to the signal line which means that a bearish divergence was prevented.

The price action for Ethereum is situated in the upper end of the Bollinger Bands and a bullish breakout might be seen.

Conclusion

Ethereum price analysis for July 28, 2022, ends on a bullish note for Ether with high chances of breaking $1700 as bulls regain dominance.