Ethereum turns sluggish after losing $1900: What to expect?

Ethereum price analysis
Source: TradingView

Ethereum price analysis for August 16, 2022, comes on a slightly bearish note for the world’s 2nd biggest cryptocurrency as it is clear that the token has fallen by almost 1% in the last 24 hours after it failed to over above the $1900 price region in the last 24 hours. Additionally, we can also confirm that Ether has a strong resistance towards the $2K price region which it was able to break above but wasn’t able to turn it into a support region. Moreover, Ether’s tentative Marge upgrade has been predicted around September mid which might boost the prices of Ether as well.

As noted in our Ether price analysis for August 15, 2022, the Ethereum coin has a major support at the $1500 price level but it seems that we can expect a retest of $1700 first if the $2K level is not broken.

The data from CoinMarketCap shows that the trading volume of the coin dropped by 15.39% in the last 24 hours, followed by a 0.44% drop in the market cap. Moreover, the Volume / Market Cap has a value of 0.07185, while the Market Dominance dropped to 20.08%.

The daily candle for Ethereum opened at a price of $1899 and reached a daily high of $1914. On the other hand, the daily low for ETH stands at a price of $1856. The price of 1 ETH at the time of writing is $1890.

Ethereum price analysis for August 16 on the daily chart

Ethereum price analysis for August 16, 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 64, which confirms that the Ethereum bulls are still in control.

The MACD line is moving towards the signal line with increasing chances of a bearish divergence.

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

Conclusion

Ethereum price analysis for August 16, 2022, ends on a bearish note for Ether with huge chances of retesting $2K.

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