Ethereum reclaims $1700 after a 6% price jump!

Ethereum price analysis
Source: TradingView

Ethereum price analysis for August 6, 2022, comes on a bullish note for the world’s 2nd biggest cryptocurrency as we can confirm that the prices have risen by nearly 6% in the last 24 hours and investors might expect to see the Ether token break into an uptrend if the current situation remains the same. Additionally, we have yet to see if ETH retains the $1700 price region which is a major region of resistance for the price action of ETH. The token has tried to retain prices above the current resistance for a long time but failed to do so.

As noted in our ETH price analysis for August 5, 2022, the Ethereum token has a strong support at the $1500 price level which has been holding strong for several days now. If this region retains, ETH might retest the $2K price level.

The data from CoinMarketCap shows that the trading volume of the coin surged by 39.03% in the last 24 hours, followed by a 6.48% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.09208, while the Market Dominance rose to 19.19%.

The daily candle for Ethereum opened at a price of $1736 and reached a daily high of $1749. On the other hand, the daily low for ETH stands at a price of $1726. The price of 1 ETH at the time of writing is $1733.

Ethereum price analysis for August 6 on the daily chart

Ethereum price analysis for August 6, 2022, will take into account the data from the daily chart below and 3 major indicators in the crypto space.

Ethereum price analysis
Source: TradingView

The RSI indicator reads a value below 65 which means that the bulls are overall in control of the price action of Ethereum.

The MACD line has broken below the signal line and the histogram is overall very sluggish.

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

Conclusion

Ethereum price analysis for August 6, 2022, ends on a bullish note for Ether, as we can expect Ether to retain $1700.

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