Ethereum cryptocurrency trades up $32.22, approximately 1.75% higher this afternoon

Ethereum trades at $1,862 after gaining $32.22 (1.75%).

Ethereum made an initial breakout above its 50 day Simple Moving Average at $1,856, a potential indicator of a newly emerging bullish phase. On the other hand, note that Ethereum could be slowing down soon as it approaches resistance at $1,864.83. Of course, crossing it might suggest further gains are ahead.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts Ethereum to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Ethereum is expected to pick up significant bullish sentiment in the coming days.

Other markets are also showing gains as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Having closed the previous session at $28,000, Bitcoin is up 1.92% today to currently trade at around $28,550.

Meanwhile, UNICORN Token USD is down $0.197 from the beginning of the session and now trades around $6.43.

Ethereum has gained 50.9% since its lowest print of $993.77 earlier this year. Ether is currently trading with a market cap of 224.15 billion with an average daily volume of 9.87 billion.