Ethereum price analysis for 23 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 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 23 November 2022
By diving into the daily timeframe, we identify that fluctuates back to previous lows after surpassing the 50 SMMA ($1426.09) and a price decrease until the $1037.95 area is very likely. Nonetheless, we observe a slight price recovery. Be aware of today’s FOMC Meeting Minutes, as high volatility is expected.
The TFLOW V2 Algo has generated a Short signal.
The Daily MACD is negative.
The Daily RSI fluctuates below 50 and seems that returns from the oversold zone.
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 ($1268.09). Moreover, the Volume Profile indicator determines $1212.51 as strong trading which could be encountered once again.
The 5-hour MACD is negative with a positive histogram. The 5-hour RSI tries to surpass 50 area.
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 are relatively stronger for the moment as they lead the price back to previous resistance zones.
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