Ethereum price analysis for 27 September 2022

Ethereum price analysis for 27 September 2022, Ethereum, the second largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the second 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 27 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.

The TFLOW Beta Algo has already generated a Short signal and a TP signal, as buyers push the price higher.

The Daily MACD indicator is still 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 ($1415.30). We observe price action on the 50 SMMA as it can act as a resistance zone. The Volume Profile indicator determines $1326.69 as a strong trading area, which surpassed.

The 4-hour MACD is slightly becoming positive. The 4-hour RSI is over 50 but also close to the overbought zone.

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, buyers try to take control of the price as they push the price back to the 4-hour 50 SMMA line.

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