Ethereum price analysis for 22 September 2022

Ethereum price analysis for 22 September 2022, Ethereum, the second largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the fourth 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 September 2022

By diving into the daily timeframe, we identify that the price achieved the $1238.41 area. 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 is 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 ($1492.42). The Volume Profile indicator determines $1587.48 as a strong trading area. Yesterday’s FOMC news pushed the price lower, under the last bearish correction.

The 4-hour MACD is negative. The 4-hour RSI fluctuates under 50 and seems that returns back from 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, we observe that sellers dominate the price for the moment as buyers fail to push the price higher. Upside corrections in smaller timeframes are very likely to happen.

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