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May 28, 2023
After closing at $1,830 today, Ethereum began today at $1,830 with significant bullish sentiment driving Ethereum's price action higher. So far today, price action has drawn out a distinct $1,825.47 to $1,859.44 range.
Although up today, early price action saw Ethereum dropping below its 5 day Simple Moving Average at $1,826.62 — an early indicator that a new downward trend could be emerging. Ethereum's upper Bollinger Band® is at $1,849.78, this is a slight indication of a slowdown. In contrast, ETH broke through the $1,835 resistance, climbing $7.28 above it.
Technical analysis of Ethereum price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
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. EOS gained 2.16% and is now trading at $0.902. Cardano is up 2.78%.
ETH is now trading 13.68% below the significant high of $2,120 it set around a month ago. Ethereum is currently trading with a market cap of 221.55 billion with an average daily volume of 6.13 billion.
