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June 05, 2023
ETH drops from $1,888.51 to $1,808.28, losing $80.23 (4.25%) today.
As the trading day comes to an end, chart analysis indicates Ethereum is oscillating around the $1,877 level serving as support. Trend-following investors would be interested to note that ETH made an initial break below its 50 day Simple Moving Average at $1,873.55, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $1,831.41 by around $23.13 with prices hammering out a $1,780.21 – $1,890.51 range by session close. Analysis based on the asset volatility indicates that Ethereum's lower Bollinger Band® is at $1,768.31, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, the technical outlook suggests Ether is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, after ending today's session at $304.7, Binance Coin lost $28.18 and is trading around $276.52. EOS falls 8.25% to trade around $0.836. Dogecoin drops 7.79% to trade around $0.067.
Ether has gained 59.68% since its lowest print of $993.77 earlier this year. Ether is currently trading with a market cap of 217.42 billion with an average daily volume of 5.29 billion.
