Ethereum price analysis for 6 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 second day of this week, it seems that buyers are stronger than 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.
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Ethereum price analysis on the Daily Chart for 6 December 2022
Ethereum price analysis on the Daily Chart for 6 December 2022
By diving into the daily timeframe, we identify that the price fluctuates over the $1238.41 zone and under the 50 SMMA ($1383.40). The price surpasses the previous channel by forming a retest back to it.
The TFLOW V2 Algo has generated a Short 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 ($1252.87). Moreover, the Volume Profile indicator determines $1262.84 as a strong trading area. The price fluctuates on these indicators.
The 5-hour MACD slightly turns negative. 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 fluctuates above the 50 SMMA but the movement seems more neutral. We observe this area for price reaction.
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