Ethereum price analysis for 24 October 2022, Ethereum, the second largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the first 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 below 50, and the price is still under the 50 SMMA line.
Ethereum price analysis on the Daily Chart for 24 October 2022
By diving into the daily timeframe, we identify that the price achieved the $1238.41 area once again, but after that rejected it immediately. The price fluctuates in a consolidation movement between major resistance and support areas.
The TFLOW V2 Algo has already generated a Short signal.
The Daily MACD indicator is negative but forms a positive histogram at the same time.
The Daily RSI fluctuates over 50.
The price fluctuates under the 50 SMMA line which means that sellers control the price.
In the 5-hour chart, Ethereum surpassed the 50 SMMA line ($1317.59). Also, the Volume Profile indicator determines $1342.46 as a strong trading area, which surpassed. A retest back to these areas is very likely.
The 5-hour MACD is positive. The 5-hour RSI fluctuates over 50 but is close to the overbought zone.
The price of Ethereum continues in a downtrend in a medium-term scale, as sellers push the price lower. In a short-term scale, buyers remain strong as push the price back to the previous highs but a price decrease is very likely to happen.
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