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June 21, 2023
ETH is rallying again to $1,817.73 (up $27.73), after erasing earlier gains.
With regards to technical trend indicators, chart analysis show that Ethereum made an initial breakout above its 50 day Simple Moving Average at $1,821, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $1,795.52 currently serving as resistance Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,917.5, thereby suggesting that Ether is becoming overvalued. A study of Ether's chart reveals various key levels to watch: Ether broke through the $1,806.65 resistance, climbing $11.08 above it.
Notwithstanding Ethereum's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other markets are also showing gains as having closed the previous session at $109.92, Bitcoin Cash is up 16.26% today to currently trade at around $127.79. FTX Token gained 9.54% and is currently trading at $1.36. Litecoin moves up 4.58% to trade around $83.94.
Over the past 2 months, Ethereum has retreated 15.57% from a noteworthy peak of $2,120. ETH is currently trading with a market cap of 218.49 billion with an average daily volume of 6.15 billion.
