Ethereum price analysis for 16 March 2023

Ethereum price analysis for 16 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 fourth day of this week, it seems that buyers try to 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 over 50, and the price is still under the 50 SMMA line.

Ethereum price analysis on the Daily Chart for 16 March 2023

By diving into the daily timeframe, we identify that the price fluctuates close to previous resistance areas and over the 50 SMMA ($1519.87). Additionally, sellers may appear at these levels.

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The Daily MACD slightly turns positive.

The Daily RSI fluctuates over 50.

In the 5-hour chart, Ethereum fluctuates above the 50 SMMA line ($1587.51) and the Volume Profile indicator that determines $1632.68 as a strong trading area.

The 5-hour MACD is positive with a negative histogram. Additionally, 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 encounters previous resistance zones. We observe the current areas for price reaction.

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