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June 24, 2023A mostly flat day so far for ETH, ranging between $1,881 and $1,897.63; currently at $1,887.17.
Ethereum made an initial break below its 3 day Simple Moving Average at $1,887, a possible indication of a forthcoming negative trend. Ethereum's upper Bollinger Band® is at $1,953.52, suggesting that a downward move may follow. In contrast, Ethereum is approaching key support, around $16.06 away from $1,871. 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 ETH is pretty flat so far today, mixed performances are seen elsewhere as FTX Token soars 9.54% to trade around $1.36. Having closed the previous session at $181.14, Bitcoin Cash is up 4% today to currently trade at around $188.39. Binance Coin is up 1.29% to $247.37.
This year has been a bright one for Ethereum after trading as low as $1,036.56 and going on to appreciate by 59.41% year to date. Ether is currently trading with a market cap of 226.83 billion with an average daily volume of 6.68 billion.
