Ethereum price analysis for 10 November 2022

Ethereum price analysis for 10 November 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 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 below 50, and the price is still under the 50 SMMA line.

Ethereum price analysis on the Daily Chart for 10 November 2022

By diving into the daily timeframe, we identify that the price surpasses the $1238.41 area. The price fluctuates back to previous lows after surpassing the 50 SMMA.

The TFLOW V2 Algo has generated a Short signal.

The Daily MACD slightly turns negative.

The Daily RSI fluctuates below 50 but it seems that returns from the oversold zone.

The 50 Daily SMMA stands above the price which means that the bears control the price.

In the 5-hour chart, Ethereum dropped under the 50 SMMA line ($1465.40). Also, the Volume Profile indicator determines $1288.32 as a strong trading area, which surpassed. It seems that the price tries to create a new downtrend. The price fluctuates in a previous trading range.

The 5-hour MACD is negative. The 5-hour RSI fluctuates below 50 but is 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, sellers control the price and push it back to major support areas. A price increase is very likely to happen.

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