Ethereum price analysis for 6 October 2022

Ethereum price analysis for 6 October 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 6 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 push 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 consolidation and tries to surpass the 50 SMMA ($1359.24). We observe if the 50 SMMA will act as a resistance zone once again. The Volume Profile indicator determines $1326.26 as a strong trading area.

The 4-hour MACD is positive. The 4-hour RSI fluctuates over 50 but is close to the overbought zone.

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, buyers push the price higher, over the 50 SMMA, but the movement seems not strong enough.

Read all the latest Crypto Analysis Articles here.

Join the TFLOW Trading Community: https://t.me/tflowglobal