Ethereum price analysis for 22 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 second 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 22 November 2022
By diving into the daily timeframe, we identify that the price fails to stay above the $1238.41 area. The price fluctuates back to previous lows after surpassing the 50 SMMA ($1430.40) and a price decrease until the $1037.95 area is very likely.
The TFLOW V2 Algo has generated a Short signal.
The Daily MACD is negative.
The Daily RSI fluctuates below 50.
The 50 Daily SMMA stands above the price which means that the bears control the price.
In the 5-hour chart, Ethereum dropped under the 50 SMMA line ($1281.51). Moreover, the Volume Profile indicator determines $1212.51 as a strong trading area which surpassed. We observe the previous lows for price reaction.
The 5-hour MACD is negative. The 5-hour RSI fluctuates below 50 but is close to the oversold zone.
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, the price continues dropping with sellers being stronger for the moment.
Read all the latest Crypto Analysis Articles here.
Join the TFLOW Trading Community: https://t.me/tflowglobal