Ethereum price analysis for 24 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 fourth 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.
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Ethereum price analysis on the Daily Chart for 24 November 2022
Ethereum price analysis on the Daily Chart for 24 November 2022
By diving into the daily timeframe, we identify that the price fluctuates between a specific range after surpassing the 50 SMMA ($1422.18). We observe a slight price recovery close to $1238.41 area.
The TFLOW V2 Algo has generated a Short signal.
The Daily MACD is negative. Be aware of a possible positive crossover.
The Daily RSI fluctuates below 50.
The 50 Daily SMMA stands above the price which means that the bears control the price.
In the 5-hour chart, Ethereum fluctuates under the 50 SMMA line ($1260.37). Moreover, the Volume Profile indicator determines $1212.51 as strong trading which has been encountered.
The 5-hour MACD is negative with a positive histogram. The 5-hour RSI fluctuates over 50 and tries to reach the overbought zone.
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 are relatively stronger for the moment as they lead the price back to previous resistance zones.
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