Ethereum price analysis for 23 December 2022

Ethereum price analysis for 23 December 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 fifth day of this week, it seems that sellers try to control 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 23 December 2022

By diving into the daily timeframe, we identify that the price fluctuates below the $1238.41 zone and below the 50 SMMA ($1340.53). The price fluctuates back in the previous range.

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, meaning that the bears control the price.

In the 5-hour chart, Ethereum fluctuates below the 50 SMMA line ($1232.60) that has been retested. Moreover, the Volume Profile indicator determines $1272.68 as a strong trading area that has been surpassed. The price reaches the previous resistance zones .

The 5-hour MACD slightly turns positive. The 5-hour RSI fluctuates over 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, buyers lead the price at the previous areas. We observe the current area for price reaction.

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