ETH ended the previous session at $1,853.31; currently trading at $1,791

Ethereum is sharply lower after losing $62.31, declining as low as $1,791.

Ethereum could begin to recover as it approaches significant support, now $34.94 away from $1,825.83. Dipping below could be an indication that further losses are ahead. ETH made an initial break below its 21 day Simple Moving Average at $1,840.35, a possible indication of a forthcoming negative trend. Price action pushed below a known Fibonacci support level at $1,831.41 by around $40.52 with prices hammering out a $1,782 – $1,854 range by session close. Ethereum's upper Bollinger Band® is at $1,884 which indicates a further downward move may follow.

Looking forward, Ethereum is poised to extend its strong downtrend and continue declining.

In the meantime, negative performances are also seen in other markets, Litecoin closed at $85.3 (down 6.93%). Bitcoin is down to $26,266, losing $953.58, after closing at $27,219 in the preceding trading session.

Positive performances can be seen by looking at other markets as FTX Token surges 9.54% to trade around $1.36.

Ether has fallen back around 12.58% over the past a month, from a notable high of $2,120. Ether is currently trading with a market cap of 215.38 billion with an average daily volume of 6.69 billion.