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May 12, 2023
As the current session draws to a close, ETH remains in the $1,742.52 – $1,800.33 range after dropping 1.39%.
Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $1,769.76, a low enough level to, generally, suggest that Ethereum is trading below its fair value. As the trading day comes to an end, chart analysis indicates Ethereum could begin to recover as it approaches significant support, now $1.1 away from $1,769.32. Dipping below could be an indication that further losses are ahead.
Overall, the technical outlook suggests Ether is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, after ending today's session at $27,000, Bitcoin lost $861.5 and is trading around $26,138. EOS is trading around $0.854 (down $0.028).
Positive performances can be seen by looking at other markets as FTX Token is up 9.54%.
Ether has managed to gain 49.74% so far this year despite trading at lows around $993.77 previously. Ether has a market cap of 217.41 billion with an average daily volume of 8.66 billion.
