Without a clear-cut direction, Ether is trading around $1,267.26 and ranging between $1,265.76 and $1,272.69.
Ethereum made an initial break below its 5 day Simple Moving Average at $1,270.3, a possible indication of a forthcoming negative trend. Ethereum's upper Bollinger Band® is at $1,322.78, suggesting that a downward move may follow. In contrast, Ether is approaching key support, around $15.74 away from $1,251.52. 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 ETH is positioned for a downward move in the near term.
While ETH is pretty flat so far today, mixed performances are seen elsewhere as after ending today's session at $0.392, Ripple lost $0.003 and is trading around $0.389. FTX Token closed at $1.45 (down 0.55%).
ETH is now trading 71.19% below the significant high of $4,411.68 it set around 11 months ago. Ethereum is currently trading with a market cap of 155 billion with an average daily volume of 1 billion.