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May 18, 2023Without a clear-cut direction, ETH is trading around $1,826.17 and ranging between $1,817.3 and $1,831.
Ethereum made an initial break below its 10 day Simple Moving Average at $1,820, a possible indication of a forthcoming negative trend. ETH's upper Bollinger Band® is at $1,942, suggesting that a downward move may follow. On the other hand, note that ETH is approaching key support, around $26.75 away from $1,799.42. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Ether is positioned for a downward move in the near term.
While Ether is pretty flat so far today, mixed performances are seen elsewhere as FTX Token jumps 9.54% to trade around $1.36. UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session. Dogecoin closed at $0.074 (down 1.03%).
ETH has fallen back around 14.09% over the past a month, from a notable high of $2,120. ETH is currently trading with a market cap of 219.65 billion with an average daily volume of 7.68 billion.
