ETH is grinding lower from $1,645 to $1,622, shedding $23 (1.41%) today.
Ethereum's upper Bollinger Band® is at $1,704.5 which indicates a further downward move may follow. On the other hand, note that Ether could begin to recover as it approaches significant support, now $46.4 away from $1,575.51. 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, after ending today's session at $0.09, Dogecoin lost $0.002 and is trading around $0.088.
Positive performances can be seen by looking at other markets as UNICORN Token USD is up 2,563,400%. FTX Token is up 9.54%.
This year has been a bright one for Ethereum after trading as low as $993.77 and going on to appreciate by 32.87% year to date. Ethereum is currently trading with a market cap of 198.48 billion with an average daily volume of 1.40 billion.