Bearish Ethereum currently $8.71 lower after trading as low as $1,550.56

After closing at $1,563.71 today, Ether opened today at $1,563.71, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, Ether retains a distinct $1,550.56 to $1,568.18 daily range.

Despite being in the red so far in the current trading session, Ethereum peaked above its 3 day Simple Moving Average around $1,568.72 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $1,523.44, a low enough level to, generally, suggest that Ether is trading below its fair value. ETH could begin to recover as it approaches significant support, now $20.28 away from $1,534.72. Dipping below could be an indication that further losses are ahead.

Technical analysis indicates that ETH's current downtrend might soon change course and start climbing up in the short term.

In the meantime, negative performances are also seen in other markets, Solana is down $0.932 from the beginning of the session and now trades around $19.35. Tezos USD closed at $1.07 (down 3.95%).

Other assets are showing positive performances as FTX Token is up 9.54%.

Ether has fallen back around 55.52% from the significant high of $3,515 set 11 months ago. ETH is currently trading with a market cap of 190.29 billion with an average daily volume of 7.15 billion.