Ethereum is down to $1,560, after ending today at $1,566.55. Overall, a 0.41% loss or $6.55 today.
Technical analysis trend indicators suggest that investors are seeking long positions as Ethereum price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. According to momentum evaluation, the RSI is a momentum oscillator that measures changing price movements on a scale of 0-100. In ETH's case, the index has risen above 70, signalling that the asset is overbought. Analysis based on the asset volatility indicates that ETH's upper Bollinger Band® is at $1,485 which indicates a further downward move may follow. As the day gets underway, chart analysis suggests Ethereum could begin to recover as it approaches significant support, now $99.7 away from $1,460.43. Dipping below could be an indication that further losses are ahead.
Notwithstanding Ethereum's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Positive performances can be seen by looking at other markets as Ripple moves up 1.68% to trade around $0.477.
Approximately 11 months ago, Ether reached a significant high of $4,822 but has struggled to hold onto its gains and declined 67.51% since then. ETH is currently trading with a market cap of 190.92 billion with an average daily volume of 1.19 billion.