A July 8, 2022 Ethereum price analysis is bullish on the world's second largest cryptocurrency, as the probability of the token hitting higher highs in the coming days remains high. Ether tokens are up nearly 6% in the last 24 hours, but the important fact is that the token has significant resistance outside the $1,200 price area. It will be interesting to see if ETH is able to recover the $1500 level, the main resistance area for price action, in the next few days.
As we noted in our July 7, 2022 Ethereum price analysis, if the $1,200 price area does not become a major support area, then ethereum tokens will most likely retest the $1,000 level before making a higher high.
Trading volume of the currency surged 14.28 percent in the past 24 hours, followed by a 6.59 percent jump in market value, according to CoinMarketCap. In addition, the volume/market cap value was 0.1042, while the market dominance rose to 15.73%.
Ethereum's Daily candle opened at $1,237 and reached a daily high of $1,276. ETH, on the other hand, hit a daily low of $1,231. At the time of this writing, the price of 1 ETH is $1242.
The July 8, 2022 Ethereum price analysis will consider the following daily chart data and 3 key metrics in the crypto space.
The RSI reading is below 49, which means bulls are taking over the price action of Ethereum (ETH) tokens.
MACD indicator indicates that the MACD line is moving away from the signal line, while the MACD bar chart remains green.
Ethereum's price action is retesting the upper Bollinger zone and a bullish breakout is possible.
conclusion
The July 8, 2022 Ethereum price analysis ended slightly bullish on Ethereum as it targeted $1200 as support.