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May 11, 2023Ether slides down from $1,842 to $1,796 today, losing $46 (2.5%).
The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Price action remains constrained around the key Fibonacci level of $1,811.68 currently serving as support. If price action breaks below, the next Fib hurdle is $1,716.42. Ethereum has just crossed the lower Bollinger Band® at $1,796.58, indicating further losses could be forthcoming. On the other hand, note that Ether could begin to recover as it approaches significant support, now $16.24 away from $1,812.26. Dipping below could be an indication that further losses are ahead.
Looking forward, Ether is poised to extend its strong downtrend and continue declining.
Ethereum has managed to gain 55.79% so far this year despite trading at lows around $993.77 previously. Ethereum is currently trading with a market cap of 216 billion with an average daily volume of 8.76 billion.
