Ethereum price analysis for 15 December 2022

Ethereum price analysis for 15 December 2022, 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 fourth day of this week, it seems that pressure tries to balance between buyers and sellers based on the weekly Heikin Ashi Candlestick. Buyers are relatively stronger. 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 15 December 2022

By diving into the daily timeframe, we identify that the price fluctuates over the $1238.41 zone and tries to encounter the 50 SMMA ($1366.09). We observe a rejection of the downtrend trendline and a price decrease.

The TFLOW V2 Algo has generated a Short signal.

The Daily MACD is positive with a negative histogram.

The Daily RSI fluctuates over 50.

The 50 Daily SMMA stands above the price which means that the bears control the price.

In the 5-hour chart, Ethereum fluctuates over the 50 SMMA line ($1267.85). Moreover, the Volume Profile indicator determines $1265.93 as a strong trading area that has been surpassed. The price achieved the previous resistance areas from the downtrend trendline.

The 5-hour MACD is positive with a negative histogram. 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, the price forms an uptrend movement close to the previous high. We observe the current area for price reaction and change of the trend.

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