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May 10, 2023Currently trading at $1,856, Ether remains range-bound between $1,848 and $1,857.17.
As the day gets underway, chart analysis suggests Ethereum is $4.91 away from testing key resistance at $1,860.8. Peaking above this level could inspire market bulls and open the path to further gains. Concerning technical analysis and more specifically, trend indicators, Ether made an initial breakout above its 3 day Simple Moving Average at $1,851.45, a potential indicator of a newly emerging bullish phase. According to asset volatility analysis, ETH's upper Bollinger Band® is at $1,947.36, this is a slight indication of a slowdown.
Overall, the technical outlook suggests ETH is likely to remain muted for the immediate future, with no clear-cut direction.
Ether shows positive signs, other assets are also on par: FTX Token gained 9.54% and is now trading at $1.36. UNICORN Token USD ascends 1.62% to trade around $6.47.
ETH has managed to gain 54.12% so far this year despite trading at lows around $993.77 previously. ETH has a market cap of 223.31 billion with an average daily volume of 8.98 billion.
