Ethereum drops almost 6%, loses $1,700

Ethereum price analysis
Source: TradingView

Ethereum price analysis for August 10, 2022, comes on a bullish note for the world’s 2nd biggest cryptocurrency as it is clear from the price charts that the token has fallen by almost 6% in the last 24 hours and investors can expect ETH to drop further if the bears remain in control of the price action of the Ether token. Furthermore, in the last 24 hours, ETH token failed to retain the price action above $1700 price level while the resistance at the $1800 price region prevailed. Additional price jumps are possible if the nearest support retains.

As noted in our Ether price analysis for August 9, 2022, the nearest support for the Ethereum token stands at the $1500 price level and it is very much possible that we might retest this price region if the bulls don’t reclaim $1700 once again.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 2.75% in the last 24 hours, followed by a 5.43% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.08628, while the Market Dominance dropped to 18.89%.

The daily candle for Ethereum opened at a price of $1702 and reached a daily high of $1702. On the other hand, the daily low for ETH stands at a price of $1656. The price of 1 ETH at the time of writing is $1680.

Ethereum price analysis for August 10 on the daily chart

Ethereum price analysis for August 10, 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 58 which means that demand for the Ethereum token is still high.

The MACD line is very close to the signal line as the intensity of the histogram is very low.

The price action for Ethereum is situated in the upper end of the Bollinger Bands but a retest of the middle zone is very likely.

Conclusion

Ethereum price analysis for August 10, 2022, ends on a bullish note for Ether but we can expect it to retest $1500.

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