Ethereum holds above $1800: Is the bullish surge over?

Ethereum price analysis for August 18, 2022, comes on a bearish note for the world’s 2nd biggest cryptocurrency as it is clear that the chances of the token making higher highs in the coming days are diminishing. This is because in the last 24 hours, we have seen the Ether token drop by 2.90% and it is possible that we might see Ether break into an uptrend in the near future. Additionally, in the near future, we can expect Ether to break the $2K price level but for that, we need to turn $1900 into support first.

The nearest resistance for the Ether token lies beyond the $2K price level as noted in our Ethereum price analysis for August 16, 2022, which needs to be turned into support to confirm an uptrend for the ETH token.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 0.30% in the last 24 hours, followed by a 0.44% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.07849, while the Market Dominance rose to 20.09%.

The daily candle for Ethereum opened at a price of $1834 and reached a daily high of $1865. On the other hand, the daily low for ETH stands at a price of $1821. The price of 1 ETH at the time of writing is $1843.

Ethereum price analysis for August 18 on the daily chart

Ethereum price analysis for August 18, 2022, will take into account the data from the daily chart below and 3 major indicators in the crypto space.

The RSI indicator reads a value below 59, which confirms that the Ethereum bears aim to dominate the price action.

The MACD line has broken below the signal line with increasing chances of a bearish divergence are very high.

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

Conclusion

Ethereum price analysis for August 18, 2022, ends on a bearish note for Ether with increased chances of breaking $2K.