Currently trading at $1,332, ETH remains range-bound between $1,303.31 and $1,333.
Although up today, early price action saw Ethereum dropping below its 21 day Simple Moving Average at $1,309 — an early indicator that a new downward trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,361.77, thereby suggesting that Ethereum is becoming overvalued. In contrast, Ethereum broke through the $1,324.67 resistance and climbed above it $7.31; next resistance level is at $1,335.6.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates Ether is set for a reversal in the coming days.
Other markets are also showing gains as Bitcoin is up 1.48%. Solana is up 2.88%. Litecoin rises 1.78% to trade around $53.16.
11 months ago Ether reached a significant high of $4,822 but has consequently lost 72.73% since then. Ether is currently trading with a market cap of 163.00 billion with an average daily volume of 1.12 billion.