Ethereum price analysis for 22 February 2023

Ethereum price analysis for 22 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 third day of this week, it seems that buyers try to 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 over 50, and the price is still under the 50 SMMA line.

Ethereum price analysis on the Daily Chart for 22 February 2023

By diving into the daily timeframe, we identify that the price maintain the uptrend movement and the the 50 SMMA ($1480.79). Buyers push the price back to previous resistance levels once again. Be aware of FOMC Meeting Minutes today.

The TFLOW V3 Algo has generated a Re-Entry Long signal.

The Daily MACD is positive.

The Daily RSI fluctuates over 50.

In the 5-hour chart, Ethereum encounters the 50 SMMA line ($1626.00). The Volume Profile indicator determines $1631.73 as a strong trading area that has been encountered. Moreover, we observe that the price fluctuates lower after reaching previous resistance levels.

The 5-hour MACD is positive with a negative histogram. Additionally, the 5-hour RSI fluctuates below 50.

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, sellers push the price below previous resistance levels. Nevertheless, the price maintains the uptrend movement for the moment.

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