Ethereum turns sluggish as investors place their bets on $1000 support

Ethereum price analysis
Source: TradingView

Ethereum price analysis for July 04, 2022, comes on a bearish note for the world’s 2nd biggest cryptocurrency as we can confirm that the token has dropped by around 0.32% in the last 24 hours. It seems that the bulls are still not obliterated as the $1000 price region holds as an important price support. It is imperative for Ether to hold above this price support or else a drop towards $800$-900 price level are likely. Moreover, as noted in our ETH price analysis for July 3, 2022, Ether has a strong resitance beyond the $1200 price zone which the token has been able to breach several times.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 13.47% in the last 24 hours, followed by a 0.39% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.06288, while the Market Dominance dropped to 14.75%.

The daily candle for Ethereum opened at a price of $1074 and reached a daily high of $1076. On the other hand, the daily low for ETH stands at a price of $1046. The price of 1 ETH at the time of writing is $1050.

Ethereum price analysis for July 4 on the daily chart

Ethereum price analysis for July 4, 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 33 which means that the Ethereum bulls prevent the token from being oversold in the market.

The MACD indicator shows that the MACD line is very close the signal line which confirms that sluggish movement can be seen in the near future and a bearish devergence as well.

The price action for Ethereum is retesting the lower region of the Bollinger Bands confirming that bears are in control.

Conclusion

Ethereum price analysis for July 4, 2022, ends on a bearish note for Ether with a low possibility of ETH losing $1000.

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