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April 15, 2023
After hitting its highest point in 11 months at $2,104.78, Ether dropped by $18.94 and is now trading at $2,085.84.
Concerning technical analysis and more specifically, trend indicators, investors are seeking long positions as Ethereum price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to momentum evaluation, the Relative Strength Index indicates Ether is currently 'overbought' which suggests new gains will be harder to obtain. According to asset volatility analysis, Ethereum's upper Bollinger Band® is at $2,097.81 which indicates a further downward move may follow. As the day gets underway, chart analysis suggests ETH could begin to recover as it approaches significant support, now $48.6 away from $2,037.24. Dipping below could be an indication that further losses are ahead.
Overall, while Ether has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
In the meantime, negative performances are also seen in other markets, Solana closed at $24.11 (down 2.34%). EOS is down $0.015 from the beginning of the session and now trades around $1.24.
Positive performances can be seen by looking at other markets as FTX Token jumps 9.54% to trade around $1.36.
This year has been a bright one for Ethereum after trading as low as $993.77 and going on to appreciate by 76.19% year to date. ETH is currently trading with a market cap of 250.53 billion with an average daily volume of 8.84 billion.
