Ethereum price analysis for 17 February 2023

Ethereum price analysis for 17 February 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 pressure tries to balance between buyers and sellers 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 17 February 2023

By diving into the daily timeframe, we identify that the price maintain the uptrend movement and the the 50 SMMA ($1459.72). Buyers push the price back to previous resistance levels once again.

The TFLOW V3 Algo has generated a Short signal.

The Daily MACD is positive with a negative histogram.

The Daily RSI fluctuates over 50.

In the 5-hour chart, Ethereum fluctuates over the 50 SMMA line ($1588.20). Moreover, the Volume Profile indicator determines $1543.96 as a strong trading area and the price fluctuates above it. Moreover, we observe that the price encounters previous resistance levels.

The 5-hour MACD is positive. 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, buyers push the price higher and maintain the uptrend movement. The price fluctuates back to previous highs.

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