Tentatively higher from an earlier low of $1,888, Ether is up to $1,903.49 today, adding $10.96, or 0.58%, to today's closing price of $1,892.53.
Ethereum made an initial breakout above its 3 day Simple Moving Average at $1,902, a potential indicator of a newly emerging bullish phase. On the other hand, note that Ethereum is $14.04 away from testing key resistance at $1,917.54. Peaking above this level could inspire market bulls and open the path to further gains.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts Ethereum to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Ethereum is expected to pick up significant bullish sentiment in the coming days.
Other markets are also showing gains as FTX Token is up 9.54%. TRON is up 1.76%. Having closed the previous session at $7.05, Chainlink USD is up 1.83% today to currently trade at around $7.18.
Ether has gained 59.37% since its lowest print of $993.77 earlier this year. Ethereum is currently trading with a market cap of 229.18 billion with an average daily volume of 9.86 billion.