Ethereum price analysis for 3 January 2023

Ethereum price analysis for 3 January 2023, 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 second 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 3 January 2023

By diving into the daily timeframe, we identify that the price fluctuates below the $1238.41 zone and below the 50 SMMA ($1314.26). The price seems to reject the previous range’s resistance and moves sideways.

The TFLOW V2 Algo has generated a Long signal.

The Daily MACD is negative with a positive histogram.

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 on the 50 SMMA line ($1215.21). Moreover, the Volume Profile indicator determines $1219.65 as a strong trading area that has been encountered.

The 5-hour MACD is positive. Additionally, the 5-hour RSI fluctuates over 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 sideways movement back to previous resistance zones. We observe these areas for price reaction.

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