Ethereum is now trading at $1,706.61 after tracing out a steady $1,699.49 – $1,713 range today.
Ethereum's upper Bollinger Band® is at $1,770.76, suggesting that a downward move may follow. On the other hand, note that ETH is approaching key support, around $30.03 away from $1,676.58. 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 Ethereum is pretty flat so far today, mixed performances are seen elsewhere as FTX Token gained 9.54% and is currently trading at $1.36. Bitcoin Cash goes up 3.74% to trade around $150.49. After ending today's session at $6.63, UNICORN Token USD lost $0.197 and is trading around $6.43.
This year has been a bright one for Ethereum after trading as low as $993.77 and going on to appreciate by 43.07% year to date. Ethereum has a market cap of 208.84 billion with an average daily volume of 4.91 billion.