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June 28, 2023
ETH is grinding lower from $1,888.18 to $1,832.44, shedding $55.74 (2.95%) today.
Ethereum made an initial break below its 10 day Simple Moving Average at $1,859.74, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $1,885 by around $52.51 with prices hammering out a $1,826.32 – $1,888.18 range by session close. Ethereum's upper Bollinger Band® is at $1,957.38 which indicates a further downward move may follow. Ethereum could begin to recover as it approaches significant support, now $28.71 away from $1,861. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Ether to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Ethereum is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, EOS is down to $0.67, losing $0.049, after closing at $0.72 in the preceding trading session. After ending today's session at $87.93, Litecoin lost $4.93 and is trading around $83.
Other assets are showing positive performances as FTX Token leaps up 9.54% to trade around $1.36.
This year has been a bright one for Ethereum after trading as low as $1,036.56 and going on to appreciate by 57.45% year to date. ETH is currently trading with a market cap of 220.30 billion with an average daily volume of 6.44 billion.
