Ethereum price analysis for 24 February 2023

Ethereum price analysis for 24 February 2023, 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 buyers try to 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 over 50, and the price is still under the 50 SMMA line.

Ethereum price analysis on the Daily Chart for 24 February 2023

By diving into the daily timeframe, we identify that the price maintain the uptrend movement and the the 50 SMMA ($1487.78). Buyers push the price back to previous resistance levels once again.

The TFLOW V3 Algo has generated a Take Profit signal.

The Daily MACD is positive with a negative histogram.

The Daily RSI fluctuates over 50.

In the 5-hour chart, Ethereum rebounds from the 50 SMMA line ($1630.34). The Volume Profile indicator determines $1646.28 as a strong trading area that has been encountered. Moreover, we observe that the price moves in a specific range close to the resistance areas.

The 5-hour MACD is negative. Additionally, the 5-hour RSI fluctuates below 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, the price moves back to the previous resistance levels and maintains the uptrend movement for the moment.

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