Ethereum price analysis for 23 September 2022

Ethereum price analysis for 23 September 2022, Ethereum, the second largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the fifth 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 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. Be aware of today’s Jerome Powell speech for possible market volatility.

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 ($1472.85). The Volume Profile indicator determines $1587.48 as a strong trading area.

The 4-hour MACD is negative with a positive histogram. The 4-hour RSI slightly tries to surpass 50.

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 buyers dominate the price for the moment but the movement is not powerful enough.

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