After closing at $1,551.75 today, ETH opened today at $1,551.75, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, ETH retains a distinct $1,539 to $1,577.78 daily range.
Technical analysis shows that Ethereum could begin to recover as it approaches significant support, now $22.96 away from $1,522.74. Dipping below could be an indication that further losses are ahead. Technical analysis trend indicators suggest that investors are seeking long positions as Ether 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 in a strong overbought condition. According to asset volatility analysis, Ethereum's upper Bollinger Band® is at $1,560.77 which indicates a further downward move may follow.
Notwithstanding Ether's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
In the meantime, negative performances are also seen in other markets, EOS goes down 2.56% to trade around $1.04. Dogecoin is trading around $0.084 (down $0.002).
Other assets are showing positive performances as FTX Token gained 9.54% and is currently trading at $1.36.
This year has been a bright one for ETH after trading as low as $993.77 and going on to appreciate by 29.31% year to date. Ethereum has a market cap of 189.15 billion with an average daily volume of 926.68 million.