Ethereum fails to hold $1700 as a 4th bearish candle is forming

Ethereum price analysis
Source: TradingView

Ethereum price analysis for August 1, 2022, comes on a bearish note for the world’s 2nd biggest cryptocurrency as the prices have dropped by more than 1% in the last 24 hours and Ether (ETH) has finally lost the $1700 price level which is not a very good indication for investors. On the other hand, the news of the Merge is spreading like wildfire and it gradually becoming the sole reason why the price of the token is jumping. However, investors are advised to wait before putting their bets on Ether and see if the $1700 price level is turned into support.

As noted in our Ether price analysis for July 31, 2022, there is a strong support for the leading crypto at the $1500 price region and after losing the $1700 price level, we can expect Ether to retest the same.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 7.53% in the last 24 hours, followed by a 1.05% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.06961, while the Market Dominance dropped to 18.91%.

The daily candle for Ethereum opened at a price of $1678 and reached a daily high of $1681. On the other hand, the daily low for ETH stands at a price of $1672. The price of 1 ETH at the time of writing is $1677.

Ethereum price analysis for August 1 on the daily chart

Ethereum price analysis for August 1, 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 64 which confirms that the buying pressure is still considerably high for Ethereum.

The MACD line is still above the signal line but moving closer to it which is not a good sign.

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

Conclusion

Ethereum price analysis for August 1, 2022, ends on bearish note for Ether as we can see ETH retest $1500 soon.

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