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April 17, 2023
Ethereum is down to $2,088.53, after ending today at $2,118.61. Overall, a 1.42% loss or $30.08 today.
As the trading day commences, technical analysis suggests Ethereum could begin to recover as it approaches significant support, now $1.58 away from $2,087. Dipping below could be an indication that further losses are ahead. Trend-following investors would be interested to note that investors are seeking long positions as Ether price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Momentum evaluation shows that according to technical analysis of ETH's Relative Strength Index (RSI), the market is currently overbought. Asset volatility analysis shows that Ethereum's upper Bollinger Band® is at $2,150.37 which indicates a further downward move may follow.
Overall, while Ethereum has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
In the meantime, negative performances are also seen in other markets, Dogecoin stumbles 1.8% to trade around $0.089. NEAR Protocol is down to $2.25, losing $0.071, after closing at $2.33 in the preceding trading session.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.
Ethereum has gained 76.51% since its lowest print of $993.77 earlier this year. ETH has a market cap of 250 billion with an average daily volume of 8.94 billion.
