Ethereum price analysis for 12 October 2022

Ethereum price analysis for 12 October 2022, Ethereum, the second largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the third day of this week, it seems that sellers 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 12 October 2022

By diving into the daily timeframe, we identify that the price achieved the $1238.41 area. Ethereum forms a bearish correction for the continuation of the downtrend.

The TFLOW V2 Algo has already generated a Short signal.

The Daily MACD indicator is negative but forms a positive histogram at the same time.

The Daily RSI fluctuates under 50 which confirms a bearish momentum.

The price fluctuates under the 50 SMMA line which means that sellers control the price.

In the 5-hour chart, Ethereum fluctuates under the 50 SMMA ($1345.85). Also, the Volume Profile indicator determines $1325.93 as a strong trading area, which surpassed.

The 5-hour MACD is negative. The 4-hour RSI fluctuates below 50.

Conclusion

The price of Ethereum continues in a downtrend in a medium-term scale, as sellers push the price lower. In a short-term scale, sellers push the price back to the previous lows. An upside movement is very likely to happen from these areas, close to the Volume Profile or MACD indicator.

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