Ethereum price analysis for 29 September 2022

Ethereum price analysis for 29 September 2022, Ethereum, the second largest cryptocurrency based on market cap, is in a downtrend since November 2021. 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.

Ethereum price analysis on the Daily Chart for 29 September 2022

By diving into the daily timeframe, we identify that the price achieved the $1238.41 area. Ethereum forms a bearish correction for the continuation of the downtrend.

The TFLOW Beta Algo has already generated a Short signal and a TP signal, as buyers pushed 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 ($1396.61). The 50 SMMA acts as a resistance zone, every time the price comes close. The Volume Profile indicator determines $1337.87 as a strong trading area, which can act as a resistance area too.

The 4-hour MACD is positive. The 4-hour RSI is neutral, as it fluctuates on the 50 level.

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, sellers try take control of the price as the price encounters resistance areas.

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