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February 25, 2023
In a range-bound session favoring short positions, Ether remains constrained in a $1,586 to $1,608.79 range and is currently trading close to $1,586.
Bollinger Bands® shows an indication of recovery: the lower band is at $1,484.39, a low enough level to, generally, suggest that Ethereum is trading below its fair value. On the other hand, note that Ethereum fell below the $1,596.25 support zone and moved $10.1 beyond it; the next level of support with significant buyer interest is estimated at $1,591.44.
Overall, looking at the technical analysis landscape, it seems Ethereum —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, Solana closed at $22.02 (down 4.61%). Tezos USD withdraws 4.55% to trade around $1.18.
Other assets are showing positive performances as FTX Token surges 9.54% to trade around $1.36.
This year has been a bright one for ETH after trading as low as $993.77 and going on to appreciate by 33.22% year to date. Ethereum is currently trading with a market cap of 194.10 billion with an average daily volume of 5.86 billion.
