Bearish ETH currently $12.45 lower after trading as low as $1,724.58

ETH is grinding lower from $1,753 to $1,740.55, shedding $12.45 (0.71%) today.

Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that ETH's lower Bollinger Band® is at $1,735.28, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Technical chart analysis shows Ethereum reversed direction at $1,748.44 support zone and climbed $7.89 above it.

All in all, the technical analysis suggests Ethereum has no clear-cut direction.

In the meantime, negative performances are also seen in other markets, Binance Coin closed at $225.19 (down 4.28%). EOS closed at $0.667 (down 2.45%).

Positive performances can be seen by looking at other markets as FTX Token added 9.54% to its value, now trading at $1.36.

A month ago Ether reached a significant high of $2,120 but has consequently lost 17.31% since then. ETH has a market cap of 209.26 billion with an average daily volume of 6 billion.