Ethereum forms another bearish candle as ETH loses $1700

Ethereum price analysis for August 7, 2022, comes on a bearish note for the world’s 2nd biggest cryptocurrency as we can confirm that the token has dropped by more than 2.3% in the last 24 hours and additional price drops can also be expected. Moreover, it is also important to note that Ether has been trying to hold price action above $1700 price level which is an important area of resistance. However, the bearish pressure in the market is prevailing and is putting a stop to the growth of the token.

As noted in our Ether price analysis for August 6, 2022, there is a strong support for the Ethereum token towards the $1000 price level. Moreover, there is another support around the $1500 price level which has been holding since the past few weeks.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 40.60% in the last 24 hours, followed by a 2.41% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.05359, while the Market Dominance dropped to 18.86%.

The daily candle for Ethereum opened at a price of $1690 and reached a daily high of $1698. On the other hand, the daily low for ETH stands at a price of $1668. The price of 1 ETH at the time of writing is $1683.

Ethereum price analysis for August 7 on the daily chart

Ethereum price analysis for August 7, 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 61 which means that the bulls are overall in control of the price action of Ethereum.

The MACD line has broken below the signal line and the histogram is bearish.

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 7, 2022, ends on a bearish note for Ether, as we can expect Ether to retest $1500.