ETH has rallied $44.84, or 2.79%, to now stand at $1,651.84.
Technical analysis shows that Ethereum reversed direction at $1,654.83 resistance zone and retreated back $3 below it. Trend-following investors would be interested to note that Ethereum made an initial breakout above its 21 day Simple Moving Average at $1,618.32, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,746.2, thereby suggesting that ETH is becoming overvalued.
All in all, the technical analysis suggests Ethereum has no clear-cut direction.
Other markets are also showing gains as FTX Token added 9.54% to its value, now trading at $1.36. EOS gained 3.83% and is now trading at $1.19. Litecoin rises 3.48% to trade around $97.24.
Ether has managed to gain 37.91% so far this year despite trading at lows around $993.77 previously. ETH has a market cap of 202.14 billion with an average daily volume of 6.90 billion.