Marginally higher but lacking a clear-cut direction, Ethereum is trading at $1,249 after ranging between $1,238.69 and $1,282.82 today.
Despite posting gains so far today, Ethereum slid below its 5 day Simple Moving Average at $1,233.18 in earlier trade — an early indicator that a negative trend could be emerging. Although Ether is appreciating today after rising as high as $1,282.82, price action is now slowing and consolidating around $47.46 below the $1,296.38 resistance level.
ETH is likely to reverse course and start pointing downward in the short term.
Ether shows positive signs, other assets are also on par: FTX Token is up 25.39% to $1.87. Algorand USD climbs 5.55% to trade around $0.275. Litecoin goes up 2.85% to trade around $58.22.
Ether is now trading 73.33% below the significant high of $4,655.81 it set around 11 months ago. Ether is currently trading with a market cap of 152.84 billion with an average daily volume of 2.63 billion.