Ethereum price analysis for 17 October 2022

Ethereum price analysis for 17 October 2022, Ethereum, the second largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the first 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 17 October 2022

By diving into the daily timeframe, we identify that the price achieved the $1238.41 area once again, but after that rejected it immediately.

The TFLOW V2 Algo has already generated a Short signal.

The Daily MACD indicator is negative but forms a positive histogram at the same time.

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

The price fluctuates under the 50 SMMA line which means that sellers control the price.

In the 5-hour chart, Ethereum fluctuates under the 50 SMMA line ($1325.04). Also, the Volume Profile indicator determines $1329.83 as a strong trading area, which can act as a resistance.

The 5-hour MACD is slightly turns positive. The 5-hour RSI fluctuates over 50.

Conclusion

The price of Ethereum continues in a downtrend in a medium-term scale, as sellers push the price lower. In a short-term scale, buyers push the price back to the previous highs. We observe these areas for a potential price drop. Otherwise, if buyers remain strong, a continuation of the upside above the 50 SMMA is very likely.

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