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June 04, 2023Tentatively higher from an earlier low of $1,885.79, ETH is up to $1,906 today, adding $13.55, or 0.72%, to today's closing price of $1,892.45.
Despite posting gains so far today, Ethereum slid below its 5 day Simple Moving Average at $1,889.74 in earlier trade — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,931.19, thereby suggesting that Ethereum is becoming overvalued. After reaching the known resistance zone beginning at $1,902.29, ETH price action retreated approximately $3.79.
Ether is likely to reverse course and start pointing downward in the short term.
Other markets are also showing gains as FTX Token is up 9.54% to $1.36. Ripple is up 4.21%. Solana is up 4.1%.
A month ago Ethereum reached a significant high of $2,120 but has consequently lost 10.74% since then. Ether has a market cap of 229.18 billion with an average daily volume of 5.36 billion.
