Ether sheds $51.47 to trade around $1,946.2

Ether drops from $1,997.67 to $1,946.2, losing $51.47 (2.58%) today.

Ethereum made an initial break below its 3 day Simple Moving Average at $1,955, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $1,966 currently serving as support. If price action breaks below, the next Fib hurdle is $1,918.25. Ether's upper Bollinger Band® is at $2,034.43 which indicates a further downward move may follow. On the other hand, note that ETH could begin to recover as it approaches significant support, now $31.26 away from $1,915. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts ETH to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Ether is expected to attract significant bearish sentiment in the coming days.

In the meantime, negative performances are also seen in other markets, Dogecoin stumbles 2.5% to trade around $0.078. After ending today's session at $88.83, Litecoin lost $2.1 and is trading around $86.73.

Positive performances can be seen by looking at other markets as FTX Token rallies 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 66% year to date. ETH has a market cap of 234.24 billion with an average daily volume of 9 billion.