Ethereum price analysis for July 8, 2022 is bullish on the world’s second-largest cryptocurrency as the chances of the coin hitting higher highs in the coming days remain high. The Ether coin is up nearly 6% in the past 24 hours, but the important fact is that the coin has significant resistance outside the $1,200 price area. It will be interesting to see if ETH is able to reclaim the $1,500 price level, which is a major resistance zone for price action, in the coming days.
As noted in our Ethereum price analysis for July 7, 2022, if the $1,200 price area does not turn into a major support area, there is a strong possibility that the Ethereum token aims to retest the $1,000 price level , and then make higher highs.
Data from CoinMarketCap shows that the coin’s trading volume surged 14.28% in the past 24 hours, followed by a 6.59% surge in market capitalization. Furthermore, the value of trading volume/market capitalization is 0.1042, while the market dominance rises to 15.73%.
Ethereum’s daily candle opened at $1,237 and reached a daily high of $1,276. On the other hand, ETH’s daily low was $1,231. At the time of writing, the price of 1 ETH is $1,242.
Ethereum Price Analysis for July 8 on Daily Chart
Ethereum price analysis for July 8, 2022 will consider the daily chart data below and 3 major indicators from the crypto space.
The RSI indicator reading is below 49, which means that bulls are taking over the price action of the Ethereum (ETH) token.
The MACD indicator shows that the MACD line is moving away from the signal line, while the MACD histogram remains green.
Ethereum price action is retesting the upper Bollinger Bands area and a bullish breakout is possible.
in conclusion
Ethereum price analysis for July 8, 2022 ends on a slightly bullish note for Ethereum as it aims to turn $1,200 into a support level.
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