Ethereum rebounds from $1500 support: Back above $1,600

Ethereum price analysis for August 23, 2022, comes on a bearish note for the 2nd largest cryptocurrency by market cap in the crypto market which is also the birth network of DeFi. Interestingly, following the news of the Merge, i.e., the transition of the network from proof of work to proof of stake has been one of the most bullish influences for the price action of Ether. If the situation remains similar, Ether might continue its attempts to breach $2K which is the nearest major resistance for the ETH token.

As noted in our ETH price analysis for August 22, 2022, the Ethereum token might continue to retest the $1.5K price level if the prices fail to break through the $2K price level in the coming days. If the $1.5K price level doesn’t hold, investors can expect a retest of $1K.

The data from CoinMarketCap shows that the trading volume of the coin surged by 16.57% in the last 24 hours, followed by a 1.01% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.09348, while the Market Dominance rose to 19.36%.

The daily candle for Ethereum opened at a price of $1624 and reached a daily high of $1637. On the other hand, the daily low for ETH stands at a price of $1615. The price of 1 ETH at the time of writing is $1621.

Ethereum price analysis for August 23 on the daily chart

Ethereum price analysis for August 23, 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 45, which means that the bears are still dominating the price action of the Ethereum coin.

The MACD line remains below the signal line but the bearish intensity of the histogram is declining.

The price action for Ethereum is situated at the lower end of the Bollinger Bands.

Conclusion

Ethereum price analysis for August 23, 2022, ends on a bearish note as we can expect the ETH token to retest $1,500.