After closing at $1,647 today, ETH opened today at $1,647, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, ETH retains a distinct $1,627.4 to $1,660.46 daily range.
Ethereum's upper Bollinger Band® is at $1,724.67 which indicates a further downward move may follow. In contrast, ETH could begin to recover as it approaches significant support, now $76.78 away from $1,555.81. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts ETH to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the ETH is expected to attract significant bearish sentiment in the coming days.
In the meantime, negative performances are also seen in other markets, FTX Token is trading around $24.53 (down $0.98).
Positive performances can be seen by looking at other markets as having closed the previous session at $33.9, Solana is up 8.45% today to currently trade at around $36.76. Litecoin improves 3.46% to trade around $69.93.
11 months ago Ether reached a significant high of $4,822 but has consequently lost 65.84% since then. ETH is currently trading with a market cap of 199.79 billion with an average daily volume of 1.84 billion.