Ether cryptocurrency trades up $44, approximately 2.73% higher this afternoon

Ethereum has rallied $44, or 2.73%, to now stand at $1,651.

Trend and momentum analysis indicates that Ethereum made an initial breakout above its 21 day Simple Moving Average at $1,618.32, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,746, thereby suggesting that Ether is becoming overvalued. ETH chart analysis: Ethereum reversed direction at $1,654.83 resistance zone and retreated back $4 below it.

With market volatility ebbing, the current technical outlook indicates ETH will remain range-bound for the immediate future.

Other markets are also showing gains as FTX Token is up 9.54%. EOS is up 3.88% to $1.19. Cosmos USD is up 4.54%.

ETH has gained 37.91% since its lowest print of $993.77 earlier this year. ETH is currently trading with a market cap of 202 billion with an average daily volume of 6.90 billion.