Ethereum forms the 4th consecutive bullish candle: Reclaims $2K

Ethereum price analysis for August 13, 2022, comes on a bullish note for the world’s 2nd biggest cryptocurrency as the chances of the Ether token making higher highs in the coming days are very high. In the last 24 hours, ETH broke through $2K, with a gain of 6.32%. In the past 4 hours, the liquidation amount of the entire network was 70 million US dollars according to the data from CoinGlass. It seems that the bulls are finally in control and investors can expect the Ether token to form higher highs soon.

As noted in our Ether price analysis for August 12, 2022, the chances of Ethereum retaining $2000 remain very high and it seems that ETH might continue this uptrend ahead of the Merge taking place by September end.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 4.14% in the last 24 hours, followed by a 6.40% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.07917, while the Market Dominance rose to 21.36%.

The daily candle for Ethereum opened at a price of $1958 and reached a daily high of $2020. On the other hand, the daily low for ETH stands at a price of $1946. The price of 1 ETH at the time of writing is $2013.

Ethereum price analysis for August 13 on the daily chart

Ethereum price analysis for August 13, 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 73, which confirms that the Ethereum token might aim for $2.4K in the near future.

The MACD line is moving away from the signal line and Ether is now being oversold.

The price action for Ethereum is situated at the upper end of the Bollinger Bands, and a breakout is likely.

Conclusion

Ethereum price analysis for August 13, 2022, ends on a bullish note for Ether as chances of retaining $2K are very high.