Ethereum turns sluggish after a failed attempt to reclaim $1700

Ethereum price analysis for August 4, 2022, comes on a bearish note for the world’s 2nd biggest cryptocurrency as we can expect Ether to lose the $1600 price level in the next few days if the prices don’t go higher. It can be seen that in the last 24 hours, Ether reclaimed the $1600 price level but failed to break above the $1700 price level which seems to be an area of resistance for the ETH coin. If similar movement prevails, we can confirm that Ether might drop low before eventually making higher highs.

As noted in our Ether price analysis for August 4, 2022, the Ether token has a strong support towards the $1500 price level but an even stronger support at the $1000 price region which has been holding for a very log time.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 0.93% in the last 24 hours, followed by a 0.01% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.08518, while the Market Dominance dropped to 18.54%.

The daily candle for Ethereum opened at a price of $1618 and reached a daily high of $1620. On the other hand, the daily low for ETH stands at a price of $1615. The price of 1 ETH at the time of writing is $1618.8.

Ethereum price analysis for August 4 on the daily chart

Ethereum price analysis for August 4, 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 60 which means that the buying pressure for Ethereum is decreasing.

The MACD line has broken below the signal line confirming a bearish divergence.

The price action for Ethereum is retesting the middle zone of the Bollinger Bands.

Conclusion

Ethereum price analysis for August 4, 2022, ends on a bearish note for Ether with a high probability of losing $1600.