Ethereum very close to losing $1700: Fears once again settling in

Ethereum price analysis
Source: TradingView

Ethereum price analysis for July 31, 2022, comes on a slightly bearish note for the world’s 2nd biggest cryptocurrency as it is very clear that Ether has failed to break into an uptrend and make its move towards $2K in the last 24 hours. Furthermore, we can also confirm that the Ether token has yet to see prices hold above the $1700 price region. In the last 24 hours, we saw Ether make a move towards $1800 but failed to do so due to increased selling pressure. It is imperative that Ether retains $1700 but at the time of writing, it is very close to losing it.

As noted in our Ether price analysis for July 30, 2022, there is a huge chance that Ethereum might break into the $2K price level soon as The Merge approaches.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 32.81% in the last 24 hours, followed by a 1.45% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.07411, while the Market Dominance dropped to 18.90%.

The daily candle for Ethereum opened at a price of $1697 and reached a daily high of $1712. On the other hand, the daily low for ETH stands at a price of $1686. The price of 1 ETH at the time of writing is $1709.

Ethereum price analysis for July 31 on the daily chart

Ethereum price analysis for July 31, 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 66 which means that sellers remain in control.

The MACD line is still above the signal line but bullish strength of the histogram is decreasing.

The price action for Ethereum is situated in the upper end of the Bollinger Bands, i.e., buyers are putting a lot of pressure.

Conclusion

Ethereum price analysis for July 31, 2022, ends on slightly bearish note for Ether as it might lose the $1700 price region.

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