Ether trades at $1,639.54 after gaining $24 (1.49%).
Technical analysis trend indicators suggest that Ethereum made an initial breakout above its 10 day Simple Moving Average at $1,621.62, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,685.38, thereby suggesting that Ethereum is becoming overvalued. Support/Resistance levels obtained from chart analysis indicate that ETH is $7.39 away from testing key resistance at $1,647. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, while Ether has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
ETH shows positive signs, other assets are also on par: FTX Token jumps 9.54% to trade around $1.36. Algorand USD improves 7.35% to trade around $0.274. Litecoin gained 3.43% and is currently trading at $99.42.
ETH has gained 34.54% since its lowest print of $993.77 earlier this year. ETH is currently trading with a market cap of 200.64 billion with an average daily volume of 1.28 billion.