After closing at $1,901 today, Ether began today at $1,901 with significant bullish sentiment driving Ether's price action higher. So far today, price action has drawn out a distinct $1,892.47 to $1,934 range.
Following today's trading session, chart analysis suggests Ethereum could be slowing down soon; it is getting close to the resistance line and is now at $1,987, only $70.62 away. Crossing the resistance line could, however, suggest that further gains are ahead. Technical analysis trend indicators suggest that Ether made an initial breakout above its 21 day Simple Moving Average at $1,908.84, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $1,918.25 currently serving as resistance According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $1,966.62, thereby suggesting that Ethereum is becoming overvalued.
Overall, the technical outlook suggests Ether is likely to remain muted for the immediate future, with no clear-cut direction.
ETH shows positive signs, other assets are also on par: FTX Token added 9.54% to its value, now trading at $1.36. Having closed the previous session at $21.96, Solana is up 2.53% today to currently trade at around $22.52.
Meanwhile, UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session.
This year has been a bright one for Ethereum after trading as low as $993.77 and going on to appreciate by 58.73% year to date. Ether has a market cap of 230.62 billion with an average daily volume of 9.15 billion.