Ethereum price analysis for 9 November 2022

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Ethereum price analysis for 9 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 third 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 below 50, and the price is still under the 50 SMMA line.

Ethereum price analysis for 9 November 2022Ethereum price analysis on the Daily Chart for 9 November 2022

Ethereum price analysis for 9 November 2022By diving into the daily timeframe, we identify that the price encounters the $1238.41 area once again. The price fluctuates back to previous lows after surpassing the 50 SMMA.

The TFLOW V2 Algo has generated a Long signal.

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The Daily MACD indicator is positive but forms a negative histogram.

The Daily RSI fluctuates below to 50.

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

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Ethereum price analysis for 9 November 2022In the 5-hour chart, Ethereum dropped under the 50 SMMA line ($1497.19). Also, the Volume Profile indicator determines $1322.71 as a strong trading area, which surpassed. It seems that the price tries to create a new downtrend. The current price range requires monitoring as it is determined as a strong support area.

The 5-hour MACD is negative. The 5-hour RSI fluctuates below 50 but is close to the oversold 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, sellers try to take control of the price and push it back to major support areas.

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