Ethereum has huge potential to reclaiming $2K: Here’s why
Ethereum price analysis for August 12, 2022, comes on a bullish note for the world’s 2nd biggest cryptocurrency as we can confirm that the prices have surged by almost 0.20% in the last 24 hours and the token is very close to the $1900 price level and investors can expect the Ether token break into the $2k price level in the near future if the bulls remain in control of the price action of the token. Additionally, this is also a major resistance for the token while the nearest support for the ETH token stands around the $1500-$2000 price level, as per our ETH price analysis for August 11.
Meanwhile, we are extremely bullish on Ethereum as the Merge is finally going to happen around the 15th or 16th of September which might turn the price action of the token bullish in the long term with $10K as the target for the next bull run.
The data from CoinMarketCap shows that the trading volume of the coin dropped by 31.47% in the last 24 hours, followed by a 0.40% surge in the market cap. Moreover, the Volume / Market Cap has a value of 0.08434, while the Market Dominance rose to 20.13%.
The daily candle for Ethereum opened at a price of $1880 and reached a daily high of $1913. On the other hand, the daily low for ETH stands at a price of $1857. The price of 1 ETH at the time of writing is $1891.
Ethereum price analysis for August 12 on the daily chart
Ethereum price analysis for August 12, 2022, will take into account the data from the daily chart below and 3 major indicators in the crypto space.
The RSI indicator reads a value below 68, which confirms that the demand for Ethereum is very high.
The MACD line is moving away from the signal line as the bullish intensity of the histogram increases.
The price action for Ethereum is situated at the upper end of the Bollinger Bands, with increased chances of a bullish outburst of prices.
Ethereum price analysis for August 12, 2022, ends on a bullish note for Ether with huge chances of Ether reclaiming $2K.
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