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February 24, 2023
After a mostly steady day, ETH loses $41.92 late into the session, trading at $1,607.41.
Ethereum broke through the $1,645.71 support line and dropped $38.3 below it. ETH made an initial break below its 21 day Simple Moving Average at $1,623.62, a possible indication of a forthcoming negative trend. In contrast, 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end.
In the short term, ETH is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, Tezos USD drops 8% to trade around $1.24. EOS closed at $1.12 (down 4.94%).
Other assets are showing positive performances as FTX Token is up 9.54%.
Ether has managed to gain 37.62% so far this year despite trading at lows around $993.77 previously. ETH is currently trading with a market cap of 196.71 billion with an average daily volume of 5.50 billion.
