Ethereum price analysis for 10 March 2023

Ethereum price analysis for 10 March 2023, 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 fifth day of this week, it seems that sellers try to take control of the price based on the weekly Heikin Ashi Candlestick. The weekly MACD is still negative but forms a positive histogram. The weekly RSI fluctuates over 50, and the price is still under the 50 SMMA line.

Ethereum price analysis on the Daily Chart for 10 March 2023

By diving into the daily timeframe, we identify that the price fluctuates below the 50 SMMA ($1505.95). Additionally, it seems that the price tries to encounter previous support areas. Be aware of NFP news today.

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The Daily MACD slightly turns negative.

The Daily RSI fluctuates below 50 and close to the oversold zone.

In the 5-hour chart, Ethereum fluctuates below the 50 SMMA line ($1579.37). The Volume Profile indicator determines $1571.13 as a strong trading area that has been surpassed. Moreover, we observe that the price dropped below the trading range.

The 5-hour MACD is negative. Additionally, the 5-hour RSI fluctuates below 50 and close to the oversold 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, the price surpasses the daily 50 SMMA and tries to encounter previous support zones.

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