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April 21, 2023
Ether drops from $1,945.26 to $1,911.28, losing $34 (1.75%) today.
Ethereum made an initial break below its 21 day Simple Moving Average at $1,936.72, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $1,918.25 currently serving as support. If price action breaks below, the next Fib hurdle is $1,870.61. In contrast, Ethereum could begin to recover as it approaches significant support, now 64 cents away from $1,912. Dipping below could be an indication that further losses are ahead.
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, Ripple closed at $0.466 (down 2.22%).
Other assets are showing positive performances as FTX Token jumps 9.54% to trade around $1.36. Binance Coin is up 2.79%.
Ethereum has gained 61.04% since its lowest print of $993.77 earlier this year. Ether is currently trading with a market cap of 230.15 billion with an average daily volume of 9.39 billion.
