Ethereum price analysis for 24 March 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 dominate the price based on the weekly Heikin Ashi Candlestick. The weekly MACD slightly turns positive. The weekly RSI fluctuates over 50. Nevertheless, the price is still under the 50 SMMA line.
Ethereum price analysis on the Daily Chart for 24 March 2023
By diving into the daily timeframe, we identify that the price fluctuates above previous resistance areas and over the 50 SMMA ($1558.41). Additionally, the price fluctuates in a corrective way.
The TFLOW V3 Algo has generated a Trade Long signal.
The Daily MACD is positive.
The Daily RSI fluctuates over 50.
In the 5-hour chart, Ethereum fluctuates sideways above the 50 SMMA line ($1690.92). Additionally, the Volume Profile indicator determines $1643.32 as a strong trading area.
The 5-hour MACD is positive with a negative histogram. Moreover, 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, the price surpasses the daily 50 SMMA and encounters previous resistance zones. Lastly, we observe the current areas for price reaction.
Read all the latest Crypto Analysis Articles here.
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