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June 03, 2023Without a clear-cut direction, Ether is trading around $1,901 and ranging between $1,899.81 and $1,908.79.
With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, ETH's upper Bollinger Band® is at $1,928.68, suggesting that a downward move may follow. As the day gets underway, chart analysis suggests Ether is approaching key support, around $32.7 away from $1,868.35. 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.
Overall, technical indicators suggest Ether has no obvious direction for the immediate future.
Other markets show mixed performance as FTX Token gained 9.54% and is now trading at $1.36. UNICORN Token USD is up 1.62%. Ripple is down $0.003 from the beginning of the session and now trades around $0.521.
Ethereum has managed to gain 58.71% so far this year despite trading at lows around $993.77 previously. Ethereum is currently trading with a market cap of 228.59 billion with an average daily volume of 5.42 billion.
