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June 07, 2023
Ethereum is grinding lower from $1,882.76 to $1,841.8, shedding $40.96 (2.18%) today.
Ethereum made an initial break below its 50 day Simple Moving Average at $1,859, a possible indication of a forthcoming negative trend. Having stamped out a session range of $1,835 to $1,891, Fibonacci-inclined Ethereum traders were highly concentrated around active Fibonacci support at $1,871.84. Ethereum's upper Bollinger Band® is at $1,929 which indicates a further downward move may follow. On the other hand, note that Ethereum could begin to recover as it approaches significant support, now $20.94 away from $1,821. Dipping below could be an indication that further losses are ahead.
Looking forward, ETH is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other markets, Cardano closed at $0.322 (down 8.59%). Binance Coin is down to $259.83, losing $21.17, after closing at $281 in the preceding trading session.
Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
Approximately a month ago, ETH reached a significant high of $2,120 but has struggled to hold onto its gains and declined 11.19% since then. ETH is currently trading with a market cap of 221.44 billion with an average daily volume of 5.58 billion.
