Ethereum struggle to hold above $1K as sellers continue to dominate

Ethereum price analysis
Source: TradingView

Ethereum price analysis for July 1, 2022, comes on a bearish note for the world’s 2nd biggest cryptocurrency as we can confirm that the prices for the Ether token have dropped over 1% in the last 24 hours and it seems that we might see the token drop below $1000 if the bulls don’t return and take over the market. The chances of such a situation in the short term remain low as noted in our Ether price analysis for June 30, 2022. Furthermore, in the past few days, Ether tried to break above $1200 and make a move towards $1500 but wasn’t able to do so.

The data from CoinMarketCap shows that the trading volume of the coin surged by 26.50% in the last 24 hours, followed by an 2.43% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.1518, while the Market Dominance rose to 14.70%.

The daily candle for Ethereum opened at a price of $1071 and reached a daily high of $1117. On the other hand, the daily low for ETH stands at a price of $1045. The price of 1 ETH at the time of writing is $1054.

Ethereum price analysis for July 1 on the daily chart

Ethereum price analysis for July 1, 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 32 which means that the Ethereum bulls are trying to prevent Ether from entering oversold levels in the market.

The MACD indicator shows that the MACD line is very close to the signal line and it seems that investors can expect bearish divergence to happen in the coming days.

The price action for Ethereum is retesting the lower region of the Bollinger Bands and a bearish breakout might follow.

Conclusion

Ethereum price analysis for July 1, 2022, ends on a bearish note for Ether with high chances of losing $1000 price support.

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