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April 12, 2023ETH is range-bound between $1,863.25 and $1,898 today after shedding $21.24 and closing at $1,893 today.
Ethereum made an initial break below its 10 day Simple Moving Average at $1,860.55, a possible indication of a forthcoming negative trend. Ether's upper Bollinger Band® is at $1,941.52 which indicates a further downward move may follow. Despite this, ETH could begin to recover as it approaches significant support, now $7.43 away from $1,879.19. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts ETH to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Ether is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, Dogecoin is down to $0.082, losing $0.002, after closing at $0.084 in the preceding trading session. TRON is trading around $0.065 (down $0.002).
Other assets are showing positive performances as FTX Token is up 9.54%.
ETH has managed to gain 58.02% so far this year despite trading at lows around $993.77 previously. Ethereum is currently trading with a market cap of 225.47 billion with an average daily volume of 8.61 billion.
