Bearish Ethereum currently $6.33 lower after trading as low as $1,853

In a range-bound session favoring short positions, Ethereum remains constrained in a $1,853 to $1,877 range and is currently trading close to $1,867.67.

Despite being in the red so far in the current trading session, Ethereum peaked above its 3 day Simple Moving Average around $1,876.8 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $1,752, a low enough level to, generally, suggest that Ethereum is trading below its fair value. ETH could begin to recover as it approaches significant support, now $20.68 away from $1,847. Dipping below could be an indication that further losses are ahead. In contrast, price action remains constrained around the key Fibonacci level of $1,870.61 currently serving as support. If price action breaks below, the next Fib hurdle is $1,811.68.

Technical analysis indicates that Ether (currently on a downtrend) might reverse course and start pointing upward in the short term.

In the meantime, negative performances are also seen in other markets, Ripple closed at $0.467 (down 0.99%). Cardano is down $0.005 from the beginning of the session and now trades around $0.391.

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

This year has been a bright one for Ethereum after trading as low as $993.77 and going on to appreciate by 53.76% year to date. ETH has a market cap of 224.89 billion with an average daily volume of 9.74 billion.