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June 23, 2023Marginally higher but lacking a clear-cut direction, Ether is trading at $1,884 after ranging between $1,868.28 and $1,887 today.
Ethereum is $38.05 away from testing key resistance at $1,922. Peaking above this level could inspire market bulls and open the path to further gains. Despite posting gains so far today, Ethereum slid below its 3 day Simple Moving Average at $1,852.3 in earlier trade — an early indicator that a negative trend could be emerging. ETH's upper Bollinger Band® is at $1,938.64, this is a slight indication of a slowdown. Despite this, price action remains constrained around the key Fibonacci level of $1,885 currently serving as resistance
After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest ETH is set for a reversal in the coming days.
Other markets are also showing gains as FTX Token added 9.54% to its value, now trading at $1.36. Having closed the previous session at $133.92, Bitcoin Cash is up 6.27% today to currently trade at around $142.31. Chainlink USD ascends 5.69% to trade around $5.89.
Ethereum has gained 57.68% since its lowest print of $1,036.56 earlier this year. Ether is currently trading with a market cap of 226.43 billion with an average daily volume of 6.61 billion.
