Ether slumps $14.04 following previous session close at $1,659.28

ETH slides down from $1,659.28 to $1,645.24 today, losing $14.04 (0.85%).

Ethereum made an initial break below its 10 day Simple Moving Average at $1,636.68, a possible indication of a forthcoming negative trend. Despite this, Ethereum could begin to recover as it approaches significant support, now $16.25 away from $1,629. Dipping below could be an indication that further losses are ahead.

Overall, looking at the technical analysis landscape, it seems ETH is likely to start pointing downward in the short term.

In the meantime, negative performances are also seen in other markets, Solana closed at $23.58 (down 5.52%).

Positive performances can be seen by looking at other markets as FTX Token is up 9.54%. Tezos USD is up 6.75% to $1.3.

This year has been a bright one for ETH after trading as low as $993.77 and going on to appreciate by 36.36% year to date. Ether has a market cap of 201.33 billion with an average daily volume of 5.30 billion.