Ethereum price analysis for 14 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 fifth 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 14 April 2023
By diving into the daily timeframe, we identify that the price fluctuates above previous resistance areas and over the 50 SMMA ($1662.81). Additionally, the price surpasses the previous resistance of the corrective movement.
The TFLOW V3 Algo has generated a Take Profit signal.
The Daily MACD is positive.
The Daily RSI fluctuates over 50 and close to the overbought zone.
In the 5-hour chart, Ethereum fluctuates above the 50 SMMA line ($1853.47) and the Volume Profile indicator that determines $1796.10 as a strong trading area.
The 5-hour MACD is positive. Moreover, the 5-hour RSI fluctuates over 50 and close to the overbought 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, the price surpasses the daily 50 SMMA and fluctuates above the previous trading range. Lastly, we observe that buyers push the price higher.
Read all the latest Crypto Analysis Articles here.
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