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March 03, 2023
Ether is range-bound between $1,554 and $1,648.48 today after shedding $80.48 and closing at $1,648.48 today.
Chart analysis suggests Ethereum bounced after reaching the $1,533 support zone, climbing $35 above it. Trend-focused traders would be interested to note that Ethereum made an initial break below its 50 day Simple Moving Average at $1,599.5, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $1,547.54 currently serving as support. If price action breaks below, the next Fib hurdle is $1,500.22. According to asset volatility analysis, ETH's lower Bollinger Band® is at $1,511.59, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, the technical outlook suggests ETH 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 $95.32, Litecoin lost $6.32 and is trading around $89. Bitcoin closed at $22,400 (down 4.65%). Dogecoin is down $0.005 from the beginning of the session and now trades around $0.076.
This year has been a bright one for Ether after trading as low as $993.77 and going on to appreciate by 37.41% year to date. ETH has a market cap of 191.89 billion with an average daily volume of 7.57 billion.
