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March 10, 2023
Ether drops from $1,437.55 to $1,416, losing $21.55 (1.5%) today.
Ethereum made an initial break below its 200 day Simple Moving Average at $1,424.79, a possible indication of a forthcoming negative trend. In contrast, Ether could begin to recover as it approaches significant support, now $17.85 away from $1,398.16. Dipping below could be an indication that further losses are ahead. Ethereum's lower Bollinger Band® is at $1,451, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Ether.
In the meantime, negative performances are also seen in other markets, Bitcoin is down to $19,900, losing $455.52, after closing at $20,356 in the preceding trading session. Litecoin goes down 2.85% to trade around $74.59.
Positive performances can be seen by looking at other markets as FTX Token rallies 9.54% to trade around $1.36.
Ethereum has fallen back around 59.1% over the past 11 months, from a notable high of $3,515. ETH has a market cap of 173.28 billion with an average daily volume of 6.51 billion.
