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June 30, 2023After closing the previous trading day at $1,852.5, ETH rose as high as $1,941.66 today before paring back gains and trading at $1,939.24.
A study of Ether's historical price actions shows Ethereum price action is currently oscillating around the $1,874.72 resistance level with prices moving above and below several times during the session. Trend and momentum analysis indicates that ETH made an initial breakout above its 10 day Simple Moving Average at $1,863.62, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $1,899.73 currently serving as resistance Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,976.25, thereby suggesting that Ether is becoming overvalued.
Notwithstanding ETH's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other markets are also showing gains as Bitcoin Cash is up 26.1%. Litecoin added 28.57% to its value, now trading at $108.96. EOS gained 12.63% and is currently trading at $0.763.
Ethereum has gained 54.03% since its lowest print of $1,036.56 earlier this year. ETH has a market cap of 233.14 billion with an average daily volume of 6.86 billion.
