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June 22, 2023
After closing at $1,888 today, Ether began today at $1,888 with significant bullish sentiment driving Ether's price action higher. So far today, price action has drawn out a distinct $1,885.47 to $1,931 range.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,941, thereby suggesting that ETH is becoming overvalued. Visual analysis of ETH's chart shows that although Ether is appreciating today after rising as high as $1,931, price action is now slowing and consolidating around $16.74 below the $1,919.2 resistance level.
Notwithstanding Ethereum's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Other markets are also showing gains as FTX Token added 9.54% to its value, now trading at $1.36. Cardano gained 5% and is currently trading at $0.3. EOS climbs 3.89% to trade around $0.706.
This year has been a bright one for Ether after trading as low as $1,036.56 and going on to appreciate by 56.67% year to date. Ethereum has a market cap of 228.67 billion with an average daily volume of 6.44 billion.
