| 
May 14, 2023After closing at $1,796.4 today, Ethereum began today at $1,796.4 with significant bullish sentiment driving Ethereum's price action higher. So far today, price action has drawn out a distinct $1,794.38 to $1,823.35 range.
Ethereum made an initial breakout above its 5 day Simple Moving Average at $1,807, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $1,811.68 currently serving as resistance. If broken, the next Fib hurdle is expected to be $1,870.61. Ether's lower Bollinger Band® is at $1,766.25, indicating that the market is oversold and fertile for new buyers. On the other hand, note that Ethereum price action is currently oscillating around the $1,810 resistance level with prices moving above and below several times during the session.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts Ether to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Ethereum is expected to pick up significant bullish sentiment in the coming days.
Other markets are also showing gains as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Litecoin ascends 3.92% to trade around $83.42. Bitcoin Cash is up 2.09%.
ETH has gained 49.52% since its lowest print of $993.77 earlier this year. Ether has a market cap of 224.18 billion with an average daily volume of 8.44 billion.
