Ethereum price analysis for 1 December 2022, Ethereum, the second largest cryptocurrency based on market cap, is in a downtrend since November 2021. You can read more about Ethereum price from CoinCodex. On the fourth day of this week, it seems that pressure tries to balance between buyers and sellers based on the weekly Heikin Ashi Candlestick. The weekly MACD is still negative but forms a positive histogram. The weekly RSI fluctuates below 50, and the price is still under the 50 SMMA line.
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Ethereum price analysis on the Daily Chart for 1 December 2022
By diving into the daily timeframe, we identify that the price fluctuates over the $1238.41 zone and under the 50 SMMA ($1395.86). The price reaches the previous resistance zones.
The TFLOW V2 Algo has generated a Short signal.
The Daily MACD is negative with a positive histogram.
The Daily RSI fluctuates over 50.
The 50 Daily SMMA stands above the price which means that the bears control the price.
In the 5-hour chart, Ethereum fluctuates over the 50 SMMA line ($1239.62). Moreover, the Volume Profile indicator determines $1202.19 as a strong trading area that has been surpassed. A retest back to these areas is very likely to happen.
The 5-hour MACD is positive. The 5-hour RSI fluctuates over 50 but is close to the overbought zone.
Conclusion
The price of Ethereum continues in a downtrend in the medium-term scale, as the technical analysis and indicators coincide. In a short-term scale, buyers seem that lead the price above previous resistance areas. We observe the price for an upcoming correction.
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