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June 26, 2023
ETH weakened earlier in the day, before moving away from its $1,873 low and recovering back to $1,879.
Ethereum made an initial break below its 5 day Simple Moving Average at $1,886, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $1,885 by around $5.86 with prices hammering out a $1,873 – $1,903.45 range by session close. ETH's upper Bollinger Band® is at $1,955.6 which indicates a further downward move may follow. Despite this, ETH could begin to recover as it approaches significant support, now $10.86 away from $1,868.23. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Ethereum to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Ether is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, Algorand USD is trading around $0.132 (down $0.005). After ending today's session at $0.721, EOS lost $0.014 and is trading around $0.708.
Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.
This year has been a bright one for ETH after trading as low as $1,036.56 and going on to appreciate by 57.79% year to date. ETH has a market cap of 225.84 billion with an average daily volume of 6.91 billion.
