Ethereum price analysis for 7 November 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 first day of this week, it seems that buyers 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 7 November 2022
Ethereum price analysis on the Daily Chart for 7 November 2022
By diving into the daily timeframe, we identify that the price achieved the $1238.41 area once again, but after that rejected it immediately. The price fluctuates higher and successfully surpassed the 50 SMMA. The price fluctuates close to the weekly downtrend trendline.
The TFLOW V2 Algo has generated a Long signal.
The Daily MACD indicator is positive.
The Daily RSI fluctuates over 50 but and tries to reach the overbought zone.
The price fluctuates above the 50 SMMA line.
In the 5-hour chart, Ethereum surpassed the 50 SMMA line ($1512.44). Also, the Volume Profile indicator determines $1318.12 as a strong trading area, which surpassed. The movement seems not powerful enough.
The 5-hour MACD is positive with a negative histogram. The 5-hour RSI fluctuates below 50.
Conclusion
The price of Ethereum continues in a downtrend in the weekly chart, but remains strong in the daily chart. In a short-term scale, sellers try to take control of the price and push it back to previous support areas (50 SMMA).
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