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April 30, 2023
Slightly weaker but mostly flat: Ethereum is currently trading at $1,888.18 as it maintains an active range between $1,888.18 and $1,935.
As the trading day comes to an end, chart analysis indicates Ethereum could begin to recover as it approaches significant support, now $2.07 away from $1,890.25. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note that ETH made an initial break below its 3 day Simple Moving Average at $1,898.73, a possible indication of a forthcoming negative trend. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $1,758.66, a low enough level to, generally, suggest that Ether is trading below its fair value.
All in all, the technical analysis suggests Ethereum has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Litecoin is down $2.45 from the beginning of the session and now trades around $88.63.
Other assets are showing positive performances as FTX Token is up 9.54% to $1.36. Binance Coin is up 3.82%.
ETH has gained 58.66% since its lowest print of $993.77 earlier this year. Ethereum is currently trading with a market cap of 227.33 billion with an average daily volume of 9.86 billion.
