Ether is consolidating around the $1,271 level after dropping $38.45 at the start of the trading session.
Ethereum made an initial break below its 10 day Simple Moving Average at $1,273.75, a possible indication of a forthcoming negative trend. A Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. ETH's upper Bollinger Band® is at $1,335.23 which indicates a further downward move may follow. In contrast, Ethereum could begin to recover as it approaches significant support, now $17.05 away from $1,288. 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 Ethereum 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 $17,817, Bitcoin lost $395.64 and is trading around $17,422. Dogecoin is down to $0.086, losing $0.002, after closing at $0.088 in the preceding trading session. Litecoin descends 3.1% to trade around $73.1.
ETH is now trading 68.13% below the significant high of $4,109 it set around 11 months ago. Ethereum is currently trading with a market cap of 155.52 billion with an average daily volume of 947.69 million.