Ethereum successfully breaches $1100: $1200 next?

Ethereum price analysis
Source: TradingView

Ethereum price analysis for June 24, 2022, comes on a bullish note for the world’s 2nd biggest cryptocurrency as we have seen the token reclaim the $1100 price region after a price surge of more than 5.5% in the last 24 hours. Investors can expect Ether to make higher highs if the token is able to reclaim the $1200 price region as well. As noted in our Ether price analysis for June 23, 2022, the Ether token retested the $1000 price region which has been acting as support for the token and it will be interesting to see if ETH is capable of reclaiming $1200.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 0.90% in the last 24 hours, followed by a 5.30% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.1073, while the Market Dominance rose to 14.91%.

The daily candle for Ethereum opened at a price of $1144 and reached a daily high of $1168. On the other hand, the daily low for ETH stands at a price of $1136. The price of 1 ETH at the time of writing is $1141.

Ethereum price analysis for June 24 on the daily chart

Ethereum price analysis for June 24, 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 34 which means that Ethereum price action is still in control of the bears and the gradient of the line suggests that sluggish movement will follow.

The MACD indicator shows that the MACD line has broken above the signal line which confirms a bullish divergence for the Ether token.

The price action for Ethereum is situated in the lower end of the Bollinger Bands while a retest of the middle zone is certainly possible.

Conclusion

Ethereum price analysis for June 24, 2022, ends on a bullish note for Ether with considerable chances of reclaiming $1200.

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