Ethereum price analysis for 2 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 buyers 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 2 November 2022
Ethereum price analysis on the Daily Chart for 2 November 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 price fluctuates higher and successfully surpassed the 50 SMMA. We are expecting market volatility due to today’s FOMC announcements.
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The Daily MACD indicator is positive.
The Daily RSI fluctuates over 50 but is close to the overbought zone.
The price fluctuates above the 50 SMMA line.
In the 5-hour chart, Ethereum surpassed the 50 SMMA line ($1457.67) and the downtrend trendline. Also, the Volume Profile indicator determines $1318.12 as a strong trading area, which surpassed.
The 5-hour MACD is positive with a negative histogram. The 5-hour RSI fluctuates below 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 remain strong as push the price back to the previous highs. A price decrease or a sideways movement is very likely to happen as the 5-hour indicators seem exhausted.
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