Ethereum turns bullish: Attempts to reclaim $1,700

Ethereum price analysis for August 24, 2022, comes on a bearish note for the world’s second biggest cryptocurrency as the chances of making higher highs are increasing gradually. Additionally, it is also clear that the nearest support for the leading cryptocurrency stands at the $1500 price level which successfully held but it is important for Ether now to break past the $1700 price level and make way towards the $2K price level once again. But, in order for an uptrend to continue, investors need to wait for $2K turning into support.

As noted in our Ether price analysis for August 23, 2022, the Ethereum token has a strong support zone in between the $1500-$1700 price region which has been holding for a long time. Moreover, the dominance of the token has also been increasing at a rapid pace.

The data from CoinMarketCap shows that the trading volume of the coin surged by 1.86% in the last 24 hours, followed by a 4.14% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.0946, while the Market Dominance rose to 19.49%.

The daily candle for Ethereum opened at a price of $1665 and reached a daily high of $1666. On the other hand, the daily low for ETH stands at a price of $1604. The price of 1 ETH at the time of writing is $1634.

Ethereum price analysis for August 24 on the daily chart

Ethereum price analysis for August 24, 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 46, which means that investors can expect Ethereum bulls to make a move now!

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

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

Conclusion

Ethereum price analysis for August 24, 2022, ends on a bullish note for ETH with increased chances of breaking $1700.