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Ethereum price analysis for 17 January 2023, 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 buyers try to control the price based on the weekly Heikin Ashi Candlestick. The weekly MACD is still negative but forms a positive histogram. The weekly RSI fluctuates over 50, and the price is still under the 50 SMMA line.
Ethereum price analysis on the Daily Chart for 17 January 2023
By diving into the daily timeframe, we identify that the price reached previous resistance zones. The price fluctuates above the 50 SMMA ($1335.76) and we observe this area for a possible correction.
The TFLOW V3 Algo has generated a Long signal.
The Daily MACD is positive.
The Daily RSI fluctuates over 50 and reaches the overbought zone.
In the 5-hour chart, Ethereum fluctuates over the 50 SMMA line ($1364.15). Moreover, the Volume Profile indicator determines $1216.72 as a strong trading area that has surpassed too. The price surpasses previous highs without forming a pullback.
The 5-hour MACD is positive with a negative histogram. Additionally, the 5-hour RSI fluctuates over 50 and close to the overbought 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, the price forms an uptrend movement above previous resistance zones. A price decrease could happen at these areas as the 5-hour indicators seems exhausted.
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