ETH is grinding lower from $1,563.71 to $1,554.62, shedding $9.09 (0.58%) today.
Trend analysis indicates that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Price action remains constrained around the key Fibonacci level of $1,547.54 currently serving as support. If price action breaks below, the next Fib hurdle is $1,500.22. Asset volatility analysis shows that ETH's lower Bollinger Band® is at $1,526, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. As the trading day comes to an end, chart analysis indicates Ether bounced after reaching the $1,557.36 support zone, climbing $2.74 above it.
Overall, the technical outlook suggests ETH is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Solana falls 7.43% to trade around $18.77. MaticNetwork USD is down to $1.08, losing $0.074, after closing at $1.15 in the preceding trading session.
Positive performances can be seen by looking at other markets as FTX Token is up 9.54% to $1.36.
Over the past 11 months, ETH has retreated 55.52% from a noteworthy peak of $3,515. ETH is currently trading with a market cap of 190.24 billion with an average daily volume of 7.15 billion.