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May 15, 2023
After closing at $1,800.58 today, Ethereum began today at $1,800.58 with significant bullish sentiment driving Ethereum's price action higher. So far today, price action has drawn out a distinct $1,788.26 to $1,834.62 range.
Ethereum made an initial breakout above its 10 day Simple Moving Average at $1,830, a potential indicator of a newly emerging bullish phase. Crossed the $1,811.68 Fibonacci level, next level is at $1,870.61. ETH's lower Bollinger Band® is at $1,758.2, indicating that the market is oversold and fertile for new buyers. Ethereum broke through the $1,813.65 resistance and climbed above it $10.06; next resistance level is at $1,833.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts ETH to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Ether is expected to pick up significant bullish sentiment in the coming days.
Other markets are also showing gains as FTX Token is up 9.54%. Litecoin is up 4.17%. Bitcoin increases 1.6% to trade around $27,372.
This year has been a bright one for Ether after trading as low as $993.77 and going on to appreciate by 49.27% year to date. ETH has a market cap of 224.25 billion with an average daily volume of 8.30 billion.
