ETH cryptocurrency trades up $63.52, approximately 3.5% higher this afternoon

Ether rallies $63.52 (3.5%) deep into the session, trading at $1,874.52.

Ethereum made an initial breakout above its 50 day Simple Moving Average at $1,862, a potential indicator of a newly emerging bullish phase. Ether is currently trading around the $1,842.17 Fibonacci resistance level. Despite this, Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,928, thereby suggesting that Ether is becoming overvalued. Ether price action is currently oscillating around the $1,870.43 resistance level with prices moving above and below several times during the session.

Overall, looking at the technical analysis landscape, it seems Ethereum likely to continue pointing upward in the short term.

Ethereum shows positive signs, other assets are also on par: Dogecoin leaps up 7.48% to trade around $0.072. FTX Token is up 9.54%. Having closed the previous session at $25,737, Bitcoin is up 3.78% today to currently trade at around $26,700.

Ethereum has fallen back around 14.57% over the past a month, from a notable high of $2,120. Ethereum has a market cap of 225.38 billion with an average daily volume of 5.43 billion.