Ethereum price analysis for 16 November 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 third day of this week, it seems that sellers 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 below 50, and the price is still under the 50 SMMA line.
Ethereum price analysis on the Daily Chart for 16 November 2022
By diving into the daily timeframe, we identify that the price tries to stay above the $1238.41 area. The price fluctuates back to previous lows after surpassing the 50 SMMA ($1465.90).
The TFLOW V2 Algo has generated a Short signal.
The Daily MACD is negative.
The Daily RSI fluctuates below 50.
The 50 Daily SMMA stands above the price which means that the bears control the price.
In the 5-hour chart, Ethereum dropped under the 50 SMMA line ($1370.04). Also, the Volume Profile indicator determines $1263.05 as a strong trading area and the price fluctuates on it. The price fluctuates close to a previous trading range. We observe this area for a possible upside movement.
The 5-hour MACD is negative but forms a positive histogram. The 5-hour RSI fluctuates below 50.
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, buyers try to push the price above major trading areas as the price moves sideways.
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