Ether trades at $1,338.83 after gaining $62.83 (4.91%).
Ethereum broke through the $1,289.6 resistance, climbing $49.23 above it. Ethereum made an initial breakout above its 50 day Simple Moving Average at $1,326.81, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $1,313.72 by around $25.12 with prices hammering out a $1,258.58 – $1,341 session range. Ethereum has crossed the upper Bollinger Band® at $1,334.34, a potential sign that further gains are to follow.
Overall, looking at the technical analysis landscape, it seems ETH might continue pointing upwards in the short term.
Ether shows positive signs, other assets are also on par: Bitcoin increases 3.97% to trade around $17,900. Bitcoin Cash rises 4% to trade around $110.67.
Meanwhile, FTX Token draws back 6.24% to trade around $1.4.
Ethereum has shed $2,851.81 points and is languishing 69.09% lower over the past year, leaving its yearly highs around $4,127.24 in the rear-view mirror. ETH has a market cap of 163.84 billion with an average daily volume of 947.25 million.