Ethereum weakened earlier in the day, before moving away from its $1,214 low and recovering back to $1,260.
Despite being in the red so far in the current trading session, Ethereum peaked above its 3 day Simple Moving Average around $1,246.65 — typically an early indicator of a new bullish trend beginning to emerge. Ether's lower Bollinger Band® is at $1,196, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Ether could begin to recover as it approaches significant support, now $121.77 away from $1,138. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Ethereum is set to appreciate despite today's setback.
In the meantime, negative performances are also seen in other markets, FTX Token is down $0.631 from the beginning of the session and now trades around $2.88. Dogecoin is trading around $0.083 (down $0.007). Binance Coin is down $17.06 from the beginning of the session and now trades around $286.37.
A year ago ETH reached a significant high of $4,730.38 but has consequently lost 72.53% since then. Ethereum has a market cap of 154.17 billion with an average daily volume of 2.50 billion.