Ethereum price analysis for 6 March 2023

Ethereum price analysis for 6 March 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 first day of this week, it seems that sellers try to 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 over 50, and the price is still under the 50 SMMA line.

Ethereum price analysis on the Daily Chart for 6 March 2023

By diving into the daily timeframe, we identify that the price maintains the trading range while fluctuating above the 50 SMMA ($1508.22). Additionally, it seems that the price tries to encounter the 50 SMMA.

The TFLOW V3 Algo has generated a Take Profit signal.

The Daily MACD slightly turns negative.

The Daily RSI fluctuates below 50.

In the 5-hour chart, Ethereum fluctuates below the 50 SMMA line ($1611.79). The Volume Profile indicator determines $1646.28 as a strong trading area that has been surpassed. Moreover, we observe that the price moves in the middle of the trading range.

The 5-hour MACD is negative with a positive histogram. Additionally, the 5-hour RSI fluctuates below 50 and close to the overbought zone.

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 failed to stay close to previous resistance levels and tries to encounter previous support zones.

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