Ethereum is now trading at $1,943.32 after tracing out a steady $1,937 – $1,955.65 range today.
Ethereum made an initial break below its 21 day Simple Moving Average at $1,936.72, a possible indication of a forthcoming negative trend. Despite this, ETH is approaching key support, around $31.41 away from $1,912. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Despite the market lacking direction, technical chart analysis strongly suggests Ether is positioned for a downward move in the near term.
While Ether is pretty flat so far today, mixed performances are seen elsewhere as FTX Token leaps up 9.54% to trade around $1.36. UNICORN Token USD is down to $6.43, losing $0.197, after closing at $6.63 in the preceding trading session. Ripple draws back 0.57% to trade around $0.474.
Ether has managed to gain 61.04% so far this year despite trading at lows around $993.77 previously. Ethereum has a market cap of 234 billion with an average daily volume of 9.39 billion.