Ethereum turns sluggish after losing $1,500: What to expect?

Ethereum price analysis for July 27, 2022, comes on a slightly bullish note for the world’s 2nd biggest cryptocurrency as we can confirm that the prices have surged by over 1.2% in the last 24 hours and investors might see another bullish run towards the $1500 price region. However, it is also clear that the buying volume currently is not very high which means that that chances of breaking the strong resistance at $1500 remain low. The Ether token is currently situated at the $1400 price level which is not a support and hence, a crash towards $1000-$1200 price region seems likely.

As noted in our Ether price analysis for July 26, 2022, Ether failed to retain prices above the $1500 price level, dropping almost 6% in 24 hours and turned bearish. If buying pressure remains low, we cannot expect higher prices.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 14.11% in the last 24 hours, followed by a 1.22% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.09855, while the Market Dominance rose to 17.96%.

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 54 which means that the Ethereum bears might drive out the bulls in the near future.

The MACD line is very close to the signal line and investors might see a bearish divergence very soon.

The price action for Ethereum is situated in the upper end of the Bollinger Bands but a retest of the middle zone of the Bands seems likely to occur.

Conclusion

Ethereum price analysis for July 27, 2022, ends on a slightly bullish note for Ether with high chances of losing $1400 if volume remains low.