Ethereum price analysis for 13 February 2023

Ethereum price analysis for 13 February 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 first day of this week, it seems that sellers try to control 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 13 February 2023

By diving into the daily timeframe, we identify that the price reached previous resistance zones. The price tries to encounter the 50 SMMA ($1445.07) and we observe this area for a price reaction.

The TFLOW V3 Algo has generated a Short signal.

The Daily MACD is positive with a negative histogram.

The Daily RSI fluctuates below 50.

In the 5-hour chart, Ethereum fluctuates below the 50 SMMA line ($1579.74). Moreover, the Volume Profile indicator determines $1632.41 as a strong trading area and the price fluctuates below it. We observe that the price dropped below these indicators and tries to form bearish price action.

The 5-hour MACD slightly turns negative. Additionally, 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, sellers push the price lower by creating bearish price action. The price surpassed the 5-hour 50 SMMA and a new downtrend could be formed within the next days.

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