Ethereum price analysis for August 3, 2022, comes on a bearish note for the world’s 2nd biggest cryptocurrency as we can confirm that the prices have dropped by more than 1.3% in the last 24 hours and investors might see Ether drop further in the coming days. If that is the case, we might see Ether retest the $1500 price level but it is also important to note that this could be the last price fall before we see ETH back above $1700 once again. It all depends on the buying volume at this point of time.
As noted in our Ether price analysis for August 2, 2022, the token has a major support at the $1500 price level but Ethereum currently holds above $1600 and we can expect the token to retest the $1700 price level in the coming days once again.
The data from CoinMarketCap shows that the trading volume of the coin surged by 26.38% in the last 24 hours, followed by a 0.01% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.1025, while the Market Dominance rose to 18.70%.
The daily candle for Ethereum opened at a price of $1630 and reached a daily high of $1639. On the other hand, the daily low for ETH stands at a price of $1618. The price of 1 ETH at the time of writing is $1618.8.
Ethereum price analysis for August 3 on the daily chart
Ethereum price analysis for August 3, 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 60 which means that overall, bulls remain in control of the price action of Ethereum.
The MACD line is touching the signal line and we can expect a bearish divergence in the near future.
The price action for Ethereum is retesting the middle zone of the Bollinger Bands.
Conclusion
Ethereum price analysis for August 3, 2022, ends on bearish note for Ether with considerable chances of reclaiming $1700.
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