Ethereum price analysis for 13 March 2023

Ethereum price analysis for 13 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 first day of this week, it seems that pressure tries to balance between buyers and sellers 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 13 March 2023

By diving into the daily timeframe, we identify that the price fluctuates over the 50 SMMA ($1508.84). Additionally, it seems that the price tries to return back to previous trading range.

The TFLOW V3 Algo has generated a Short signal.

The Daily MACD is negative.

The Daily RSI fluctuates over 50.

In the 5-hour chart, Ethereum fluctuates between the 50 SMMA line ($1574.00) and the Volume Profile indicator determines $1639.85 as a strong trading area. Moreover, we observe that the price dropped below the trading range.

The 5-hour MACD slightly turns positive. Additionally, the 5-hour RSI fluctuates over 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 tries to encounter previous trading zones.

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