ETH slumps $40.98 following previous session close at $1,876.69

Ether is range-bound between $1,826.81 and $1,886 today after shedding $40.98 and closing at $1,876.69 today.

Trend-following investors would be interested to note that Ethereum made an initial break below its 50 day Simple Moving Average at $1,849, a possible indication of a forthcoming negative trend. According to asset volatility analysis, Ethereum's lower Bollinger Band® is at $1,747.24, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. A study of Ether's chart reveals various key levels to watch: ETH fell below the $1,856.23 support zone and moved $20.52 beyond it; the next level of support with significant buyer interest is estimated at $1,809.

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

In the meantime, negative performances are also seen in other markets, Bitcoin is down to $28,216, losing $1,031.75, after closing at $29,248 in the preceding trading session. Cosmos USD closed at $10.95 (down 4.89%).

Other assets are showing positive performances as FTX Token soars 9.54% to trade around $1.36.

This year has been a bright one for ETH after trading as low as $993.77 and going on to appreciate by 57.85% year to date. ETH has a market cap of 221 billion with an average daily volume of 9.83 billion.