Ethereum retains $1,600, continues to outperform BTC

Ethereum price analysis
Source: TradingView

Ethereum price analysis for August 5, 2022, comes on a sluggish note for Ether as we can confirm that the prices have surged by only 0.18% in the last 24 hours but it is clear that the token has retained the $1,600 price level which is another bullish aspect that we should make a note of. Additionally, the world’s 2nd biggest cryptocurrency has been trying to break through the $1700 price level which is a major resistance for the token. This means that investors cannot expect a trend reversal until $1700 is broken and turned into support for the Ether token.

As noted in our Ether price analysis for August 4, 2022, there is a huge chance that the Ethereum token might reclaim the $2K price level if the $1700 price region is broken and turned into support. However, there is a similar chance that ETH might retest $1500.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 6.00% in the last 24 hours, followed by a 0.02% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.0755, while the Market Dominance rose to 18.60%.

The daily candle for Ethereum opened at a price of $1607 and reached a daily high of $1669. On the other hand, the daily low for ETH stands at a price of $1605. The price of 1 ETH at the time of writing is $1655.

Ethereum price analysis for August 5 on the daily chart

Ethereum price analysis for August 5, 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 61 which means that investors can expect lower prices as well.

The MACD line has broken below the signal line as a bearish divergence can be confirmed.

The price action for Ethereum is situated in the upper end of the Bollinger Bands which means bulls are in control.

Conclusion

Ethereum price analysis for August 5, 2022, ends on a bearish note for Ether as we can expect the token to break $1700.

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