Ethereum price analysis for 16 September 2022

Ethereum price analysis for 16 September 2022, Ethereum, the second largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the fifth day of this week, it seems the pressure between sellers and buyers is trying to balance 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 September 2022

By diving into the daily timeframe, we identify that the sellers push the price below the 50 SMMA line ($1689.08). It seems that The Merge hadn’t had a positive influence on the price.

The TFLOW Beta Algo has already generated a Short signal and a TP signal, as buyers pushed the price higher.

The Daily MACD indicator turns negative.

The Daily RSI fluctuates under 50 which confirms a bearish momentum.

In the 4-hour chart, Ethereum forms a downtrend and fluctuates below the 50 SMMA ($1629.43). The Volume Profile indicator determines $1582.61 as a strong trading area. The price has already retested the 50 SMMA.

The 4-hour MACD turns negative, and the 4-hour RSI fluctuates under 50 but close to the overbought zone.

Conclusion

The price of Ethereum continues in a downtrend in a medium-term scale with the daily timeframe being the most crucial, as sellers push the price lower once again. In a short-term scale, sellers seem that still control the price as the indicators turn negative. Be aware of possible upside moves.

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