Ethereum fails to reclaim $1.7K: Buyers fail to cope with bears

Ethereum price analysis for August 26, 20222, comes on a bearish note for the world’s 2nd biggest cryptocurrency as it is clear that the the Ether (ETH) token has failed to break above the $1700 price level in the last 24 hours and as a result, the prices have dropped by almost 3% and it seems that additional price drops are also likely to occur. Interestingly, Ether has a major resistance towards the $2K price level which has been holding strong for a very long time and hasn’t been broken despite numerous attempts.

Also, as noted in our Ether price analysis for August 25, 2022, the leading cryptocurrency has a major support at the $1500 price level which has been holding since July and we can expect Ethereum to retest it.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 1.62% in the last 24 hours, followed by a 2.84% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.07788, while the Market Dominance dropped to 19.61%.

The daily candle for Ethereum opened at a price of $1695 and reached a daily high of $1695.23. On the other hand, the daily low for ETH stands at a price of $1641. The price of 1 ETH at the time of writing is $1656.

Ethereum price analysis for August 26 on the daily chart

Ethereum price analysis for August 26, 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 48, which means that the Ethereum bears are once again in control.

The MACD line remains below the signal line but the two lines are now coming close as per the chart above.

The price action for Ethereum is situated at the lower end of the Bollinger Bands which is a bearish indication for price action.

Conclusion

Ethereum price analysis for August 26, 2022, ends on a bearish note for ETH with high chances of retesting $1500.