Ethereum about to break $1700 after a 4% price surge

Ethereum price analysis for August 25, 2022, comes on a bearish note for the world’s 2nd biggest cryptocurrency as the chances of making higher highs are increasing and we can expect ETH to retest the $2K price level every soon. This is because the potential date of the ETH merge is almost here and with the broader market turning slightly bullish today and Ether’s outperformance, it is possible that we might see higher highs in the near future. Additionally, investors can also expect the uptrend for ETH to continue to outperform Bitcoin as demand for ETH increases.

Moreover, as noted in our ETH price analysis for August 24, 2022, the Ethereum token has a strong resistance towards the $2K price level which has been holding for a very long time. It needs to be turned into support.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 20.29% in the last 24 hours, followed by a 2.43% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.07348, while the Market Dominance rose to 19.75%.

The daily candle for Ethereum opened at a price of $1656 and reached a daily high of $1700. On the other hand, the daily low for ETH stands at a price of $1653. The price of 1 ETH at the time of writing is $1697.

Ethereum price analysis for August 25 on the daily chart

Ethereum price analysis for August 25, 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 51, which means that the Ethereum bulls are almost in control.

The MACD line remains below the signal line as the histogram remains slightly bearish for the token.

The price action for Ethereum is situated at the lower end of the Bollinger Bands as bears remain in control

Conclusion

Ethereum price analysis for August 25, 2022, ends on a bullish note for ETH with increased chances of breaking $2000.