Tentatively higher from an earlier low of $1,846.69, ETH is up to $1,875.71 today, adding $25.95, or 1.4%, to today's closing price of $1,849.75.
Ethereum made an initial breakout above its 3 day Simple Moving Average at $1,876.8, a potential indicator of a newly emerging bullish phase. Ether is currently trading around the $1,870.61 Fibonacci resistance level. Ethereum's lower Bollinger Band® is at $1,753, indicating that the market is oversold and fertile for new buyers. On the other hand, note that after reaching the known resistance zone beginning at $1,863.55, Ethereum price action retreated approximately $12.16.
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 Ether is expected to pick up significant bullish sentiment in the coming days.
Ethereum shows positive signs, other assets are also on par: FTX Token surges 9.54% to trade around $1.36. Ripple gained 5% and is now trading at $0.472. Binance Coin is up 3.33%.
Ethereum has managed to gain 54.86% so far this year despite trading at lows around $993.77 previously. ETH has a market cap of 225.86 billion with an average daily volume of 9.74 billion.