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Ethereum price analysis for 8 February 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 third 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 8 February 2023
By diving into the daily timeframe, we identify that the price reached previous resistance zones. The price fluctuates above the 50 SMMA ($1437.21) and we observe this area for a possible price decrease. Be aware of Williams’ speech today.
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The Daily MACD is positive with a negative histogram.
The Daily RSI fluctuates over 50 and seems that returns from the overbought zone.
In the 5-hour chart, Ethereum fluctuates over the 50 SMMA line ($1597.32). Moreover, the Volume Profile indicator determines $1673.87 as a strong trading area and the price fluctuates above it. We observe that the price moves sideways and maintains the uptrend for the moment.
The 5-hour MACD is positive. Additionally, the 5-hour RSI fluctuates over 50.
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 close to previous resistance zones. The price is neutral and maintains the uptrend for the moment.
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