Ethereum price analysis for 3 October 2022, Ethereum, the second largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the fifth 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.
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Ethereum price analysis on the Daily Chart for 3 October 2022
Ethereum price analysis on the Daily Chart for 3 October 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 two TP signals, as buyers pushed the price higher.
The Daily MACD indicator is negative but forms a positive histogram.
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 ($1365.82). The 50 SMMA acts as a resistance zone, every time the price comes close. The Volume Profile indicator determines $1326.69 as a strong trading area, which can act as a resistance area too.
The 4-hour MACD is negative. The 4-hour RSI fluctuates below 50.
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 still control the price as it forms a consolidation movement while trying to reach the previous low.
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