Ethereum is grinding lower from $1,651.78 to $1,637, shedding $14.78 (0.89%) today.
Ethereum made an initial break below its 10 day Simple Moving Average at $1,633, a possible indication of a forthcoming negative trend. 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Ether's upper Bollinger Band® is at $1,687 which indicates a further downward move may follow. In contrast, ETH could begin to recover as it approaches significant support, now $15.68 away from $1,621.32. 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 ETH is expected to attract significant bearish sentiment in the coming days.
Positive performances can be seen by looking at other markets as UNICORN Token USD is up 2,623,200%. Having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. Chainlink USD improves 6.96% to trade around $7.63.
This year has been a bright one for Ether after trading as low as $993.77 and going on to appreciate by 37.53% year to date. Ether has a market cap of 200.33 billion with an average daily volume of 1.23 billion.