Ethereum nears $1800 as demand continues to surge

Ethereum price analysis for August 9, 2022, comes on a bullish note for the world’s 2nd biggest cryptocurrency as it is clear that the prices have jumped by 2.66% in the last 24 hours and it seems that investors might witness higher prices in the coming days if the bulls continue to dominate the price action of the Ether token. Additionally, it is also important to note that the nearest resistance for the token stood at $1700 which seems to have been reclaimed. However, it needs to be turned into support for an uptrend.

As noted in our Ether price analysis for August 8, 2022, the current support for the Ethereum (ETH) token stands at the $1500 price level. This is a major support for the coin which has held for a very long time.

The data from CoinMarketCap shows that the trading volume of the coin surged by 65.87% in the last 24 hours, followed by a 2.65% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.08358, while the Market Dominance rose to 19.26%.

The daily candle for Ethereum opened at a price of $1777 and reached a daily high of $1790. On the other hand, the daily low for ETH stands at a price of $1761. The price of 1 ETH at the time of writing is $1781.

Ethereum price analysis for August 9 on the daily chart

Ethereum price analysis for August 9, 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 66 which means that the demand for Ethereum is very high in the market.

The MACD line is very close to the signal line as the intensity of the histogram is very low.

The price action for Ethereum is situated in the upper end of the Bollinger Bands and a bullish breakout seems likely.

Conclusion

Ethereum price analysis for August 9, 2022, ends on a bullish note for Ether but we can expect a retest of $1600.