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May 31, 2023
ETH falls to $1,872.57, following mixed behavior today as it ranges between $1,861 and $1,906.83.
Ethereum made an initial break below its 3 day Simple Moving Average at $1,898, a possible indication of a forthcoming negative trend. ETH's upper Bollinger Band® is at $1,913 which indicates a further downward move may follow. Despite this, Ethereum could begin to recover as it approaches significant support, now $17.2 away from $1,889.77. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems Ether is likely to start pointing downward in the short term.
In the meantime, negative performances are also seen in other markets, after ending today's session at $92.29, Litecoin lost $2.86 and is trading around $89.43. After ending today's session at $27,700, Bitcoin lost $521.31 and is trading around $27,179.
Other assets are showing positive performances as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
Over the past a month, ETH has retreated 10.31% from a noteworthy peak of $2,120. Ether is currently trading with a market cap of 225.17 billion with an average daily volume of 5.87 billion.
