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April 07, 2023
ETH recovering almost all the way back to $1,872.75 today, after dipping down to $1,847.
Ethereum made an initial break below its 5 day Simple Moving Average at $1,868.54, a possible indication of a forthcoming negative trend. Ether's upper Bollinger Band® is at $1,908.25 which indicates a further downward move may follow. Despite this, after reaching the $1,852.4 support zone, Ethereum bounced and climbed $3.69 above it.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Ethereum 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, Dogecoin is down $0.003 from the beginning of the session and now trades around $0.082. Tezos USD goes down 3.59% to trade around $1.09.
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 $993.77 and going on to appreciate by 56.4% year to date. ETH is currently trading with a market cap of 223.58 billion with an average daily volume of 9.38 billion.
