Ethereum drops 10% but is holding on to $1500 price level

Ethereum price analysis
Source: TradingView

Ethereum price analysis for August 27, 2022, comes on a bearish note for the world’s 2nd biggest cryptocurrency as it is clear that the token fell by almost 10% in the last 24 hours and as a result, lost the $1600 price level and failed to break the $1500 price level. It seems that the situation might not improve for the crypto market in the near future due to a lack of bullish volume. However, the Merge still has potential to turn the price action of Ether bullish. Interestingly, the nearest support for the token lies at $1500 which continues to hold strong.

As noted in our Ether price analysis for August 26, 2022, the Ethereum token has a strong resistance towards the $1700 price level now which has failed to hold on a number of occassions and the market movement does not seem to be promising.

The data from CoinMarketCap shows that the trading volume of the coin surged by 78.75% in the last 24 hours, followed by a 9.98% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.1461, while the Market Dominance dropped to 18.94%.

The daily candle for Ethereum opened at a price of $1508 and reached a daily high of $1518. On the other hand, the daily low for ETH stands at a price of $1494. The price of 1 ETH at the time of writing is $1511.

Ethereum price analysis for August 27 on the daily chart

Ethereum price analysis for August 27, 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 40, which means that the Ethereum bulls are likely to disapper from the market.

The MACD line remains below the signal line and the bearish strength of histogram is growing.

The price action for Ethereum is situated at the lower end of the Bollinger Bands and a bearish breakout is likely.

Conclusion

Ethereum price analysis for August 27, 2022, ends on a bearish note for ETH with low chances of retaining $1500.

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