ETH sheds $13.34 to trade around $1,794.43

After closing at $1,807.78 today, ETH opened today at $1,807.78, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, ETH retains a distinct $1,792.36 to $1,814.55 daily range.

Despite being in the red so far in the current trading session, Ethereum peaked above its 3 day Simple Moving Average around $1,811.73 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $1,766, a low enough level to, generally, suggest that ETH is trading below its fair value. Although ETH is down today and was as low as $1,792.36, it seems to be recovering slightly and climbing away from the $1,756 support line and is now $38.56 above it.

Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Ether is set to appreciate despite today's setback.

In the meantime, negative performances are also seen in other markets, UNICORN Token USD slips 2.98% to trade around $6.43. Cardano closed at $0.364 (down 1.84%).

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

Ether has managed to gain 48.64% so far this year despite trading at lows around $993.77 previously. Ethereum is currently trading with a market cap of 220.43 billion with an average daily volume of 8.47 billion.