Ethereum price analysis for 6 September 2022

Ethereum price analysis for 6 September 2022, Ethereum the second largest cryptocurrency based on market cap, is in a downtrend since November 2021. On the second day of the week seems that Ethereum is dominated by buyers based on the weekly Doji 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 September 2022

By diving into the daily timeframe, we identify bearish price action, as the price forms Lower Highs and Lower Lows. Also, Ethereum has retested the 0.382 level of the bearish Fibonacci.

The TFLOW Beta Algo has already generated a Short signal but today warning us for a possible bottom as the buyers get stronger.

The Daily MACD indicator fluctuates in negative numbers which indicates bearish pressure but today forms a crossover.

The Daily RSI now fluctuates over 50 which confirms a bullish reversal.

The 50 Daily SMMA stands above the price which means that the bears control the price for the moment.

In 4-hour chart Ethereum forms an uptrend over the 50 SMMA. The Volume Profile indicator identifies the area 1561.40$ as a strong trading area.

The 4-hour MACD turns slightly positive, and the 4-hour RSI fluctuates over 50, close to the overbought zone.

Conclusion

The price of Ethereum is under a bearish dominance in a medium-term scale as the technical analysis and the indicators determine a bearish momentum. In a short-term scale buyers take control of the price as the indicators turn positive.

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