Ethereum price analysis for 12 April 2023

Ethereum price analysis for 12 April 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 third day of this week, it seems that buyers try to dominate the price based on the weekly Heikin Ashi Candlestick. The weekly MACD is positive. The weekly RSI fluctuates over 50 and close to the overbought zone. Moreover, the price fluctuates on the 50 SMMA line.

Ethereum price analysis on the Daily Chart for 12 April 2023

By diving into the daily timeframe, we identify that the price fluctuates above previous resistance areas and over the 50 SMMA ($1645.49). Additionally, the price fluctuates in a corrective way. Be aware of CPI news and FOMC Meeting Minutes today.

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The Daily MACD is positive with a negative histogram.

The Daily RSI fluctuates over 50.

In the 5-hour chart, Ethereum fluctuates above the 50 SMMA line ($1832.55) and the Volume Profile indicator that determines $1809.00 as a strong trading area.

The 5-hour MACD is positive with a negative histogram. Moreover, the 5-hour RSI fluctuates below 50.

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 fluctuates in a specific trading range. Lastly, we observe the current areas for price reaction.

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