Ethereum price analysis for 19 September 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.
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Ethereum price analysis on the Daily Chart for 19 September 2022
Ethereum price analysis on the Daily Chart for 19 September 2022
By diving into the daily timeframe, we identify that the sellers push the price lower close to $1238.41. Also the price fluctuates below the 50 SMMA line.
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 ($1563.70). The Volume Profile indicator determines $1590.57 as a strong trading area.
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, as sellers push the price lower. 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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