Ethereum turns bullish as final testnet goes live on Goerli

Ethereum price analysis
Source: TradingView

Ethereum price analysis for August 11, 2022, comes on a bullish note for the world’s 2nd biggest cryptocurrency as it is clear that the price of Ether has jumped by almost 12% in the last 24 hours and investors can expect ETH to remain bullish in the short term. The Ether token reclaimed the $1900 price level in the last 24 hours but it is also important to note that ETH failed to retain prices above this price level and dropped to $1800 price level. However, we can expect ETH to make a move towards $1900 once again as this is the only resistance we have before entering $2K.

Furthermore, as noted in our Ether price analysis for August 10, 2022, the nearest support zone for Ethereum lies around the $1,500-$1,700 price level which has been holding for a very long time.

The data from CoinMarketCap shows that the trading volume of the coin surged by 64.83% in the last 24 hours, followed by a 11.57% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.1233, while the Market Dominance rose to 19.85%.

The daily candle for Ethereum opened at a price of $1853 and reached a daily high of $1918. On the other hand, the daily low for ETH stands at a price of $1850. The price of 1 ETH at the time of writing is $1884.

Ethereum price analysis for August 11 on the daily chart

Ethereum price analysis for August 11, 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 68, which confirms that Ethereum is almost being overbought.

The MACD line is very close to the signal line and the intensity of the histogram has turned bullish.

The price action for Ethereum is situated at the upper end of the Bollinger Bands, and a bullish breakout is very much possible.

Conclusion

Ethereum price analysis for August 11, 2022, ends on a bullish note for Ether as a retest of $1900 seems likely.

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