Ethereum pump continues as ETH nears $2K

Ethereum price analysis for August 8, 2022, comes on a bullish note for the world’s 2nd biggest cryptocurrency as we can confirm that the prices have jumped by 5.3% in the last 24 hours and investors can expect additional price surges as well. Furthermore, the nearest resistance for the ETH token stands at the $1700 price level which has retaining for a number of days and it seems that higher prices can be expected for Ether as it nears the $1800 price level. It will be interesting to see if Ether breaks $2K.

As noted in our Ether price analysis for August 7, 2022, the Ethereum token has a major support at the $1500 price level which has been holding for a very long time and investors might see this region get retested once again if the $1700 price level fails to hold.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 1.99% in the last 24 hours, followed by a 2.94% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.05206, while the Market Dominance dropped to 18.84%.

The daily candle for Ethereum opened at a price of $1700 and reached a daily high of $1740. On the other hand, the daily low for ETH stands at a price of $1693. The price of 1 ETH at the time of writing is $1735.

Ethereum price analysis for August 8 on the daily chart

Ethereum price analysis for August 8, 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 64 which means that the buying pressure is very high for Ethereum.

The MACD line is very close to the signal line as histogram remains bearish.

The price action for Ethereum is situated in the upper end of the Bollinger Bands.

Conclusion

Ethereum price analysis for August 8, 2022, ends on a bullish note for Ether, as we can expect Ether to break $1800.