Ethereum price analysis for 8 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 second day of this week, it seems that the pressure tries to balance between buyers and 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.
Ethereum price analysis on the Daily Chart for 8 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. Today we observe that the price tries to cross under the 50 SMMA.
The TFLOW V2 Algo has generated a Long signal.
The Daily MACD indicator is positive but forms a negative histogram.
The Daily RSI fluctuates close to 50.
The price fluctuates below the 50 SMMA line.
In the 5-hour chart, Ethereum dropped under the 50 SMMA line ($1514.81). Also, the Volume Profile indicator determines $1564.26 as a strong trading area, which surpassed. It seems that the price tries to create a new downtrend.
The 5-hour MACD is negative. The 5-hour RSI fluctuates below 50 but is close to the overbought zone.
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, sellers try to take control of the price and push it back to major support areas.
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