Ethereum finds itself in troubled waters despite retaining $1.6K

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Ethereum price analysis for August 22, 2022, comes on a slightly bullish note for the world’s 2nd biggest cryptocurrency as we can confirm that the prices might drop further in the near future since the current selling pressure for the same is very high in the crypto space. Moreover, it is also possible to see Ether lose the $1600 as the price action has been holding above it for a considerable amount of time. Additionally, there is a strong support for the Ether token at the $1500 price level which can be expected to hold for now.

As per our Ether price analysis for August 21, 2022, the Ether token might continue its attempt to breach the $2K price level which is a major resistance level for the ETH token and hasn’t been broken for a long time.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 13.54% in the last 24 hours, followed by a 2.71% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.0802, while the Market Dominance dropped to 19.21%.

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The daily candle for Ethereum opened at a price of $1618 and reached a daily high of $1619. On the other hand, the daily low for ETH stands at a price of $1606. The price of 1 ETH at the time of writing is $1607.

Ethereum price analysis for August 22 on the daily chart

Ethereum price analysis for August 22, 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 44, which confirms that the sellers are gaining control over Ethereum price action.

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The MACD line remains below the signal line and the bearish intensity of the histogram is increasing.

The price action for Ethereum is situated at the lower end of the Bollinger Bands which is not a promising scenario.

Conclusion

Ethereum price analysis for August 22, 2022, ends on a bearish note for Ether with considerable chances of retesting $1500.

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