Ethereum price analysis for 28 December 2022

Ethereum price analysis for 28 December 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 third day of this week, it seems that pressure tries to balance between buyers and sellers 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 28 December 2022

By diving into the daily timeframe, we identify that the price fluctuates below the $1238.41 zone and below the 50 SMMA ($1328.45). The price seems that rejected the resistance of previous range.

The TFLOW V2 Algo has generated a Short signal.

The Daily MACD is negative.

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 below the 50 SMMA line ($1225.96). Moreover, the Volume Profile indicator determines $1213.70 as a strong trading area that has been surpassed. The price tries to build a new downtrend.

The 5-hour MACD is negative with a positive histogram. Also, 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 forms a downtrend movement at the previous range.

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