ETH is now trading at $1,609 after tracing out a steady $1,606.58 – $1,626.2 range today.
Ethereum is approaching key support, around $84.47 away from $1,524.59. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Ethereum made an initial breakout above its 5 day Simple Moving Average at $1,619, a potential indicator of a newly emerging bullish phase.
Despite muted price action in ETH, chart analysis indicates it is positioned for a bullish run in the short term.
Other markets show mixed performance as FTX Token is up 9.54%. UNICORN Token USD rises 10.63% to trade around $0. After ending today's session at $0.418, Ripple lost $0.006 and is trading around $0.412.
This year has been a bright one for Ether after trading as low as $993.77 and going on to appreciate by 27.59% year to date. Ethereum has a market cap of 196.91 billion with an average daily volume of 1.26 billion.