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June 19, 2023Slightly weaker but mostly flat: Ethereum is currently trading at $1,713 as it maintains an active range between $1,712.53 and $1,731.79.
Despite being in the red so far in the current trading session, Ethereum peaked above its 10 day Simple Moving Average around $1,731.52 — typically an early indicator of a new bullish trend beginning to emerge. Ether's lower Bollinger Band® is at $1,631, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. ETH could begin to recover as it approaches significant support, now 54 cents away from $1,712.61. Dipping below could be an indication that further losses are ahead.
Despite suffering losses in today's session, technical analysis is indicating that Ether will undergo a significant bounce in the immediate term.
In the meantime, negative performances are also seen in other markets, Binance Coin closed at $239.76 (down 1.85%). Bitcoin Cash closed at $105.21 (down 1.78%).
Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
Approximately 2 months ago, Ether reached a significant high of $2,120 but has struggled to hold onto its gains and declined 18.65% since then. Ethereum has a market cap of 205.94 billion with an average daily volume of 6 billion.
