ETH is consolidating around the $1,180.8 level after dropping $21.7 at the start of the trading session.
Ethereum made an initial break below its 10 day Simple Moving Average at $1,190.27, a possible indication of a forthcoming negative trend. Despite this, Ether could begin to recover as it approaches significant support, now $1.63 away from $1,182.43. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Ethereum to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Ether is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, Litecoin is down $3.48 from the beginning of the session and now trades around $75.09.
Positive performances can be seen by looking at other markets as EOS climbs 3.05% to trade around $0.938. Ripple moves up 2.1% to trade around $0.409.
Ethereum reached a significant high of $4,655.81 around 11 months ago but has lost 74.17% since then. Ether has a market cap of 144.50 billion with an average daily volume of 1.94 billion.