Ethereum goes down $17.23 following previous session close at $1,870.4

Ethereum is grinding lower from $1,870.4 to $1,853.17, shedding $17.23 (0.92%) today.

Trend and momentum analysis indicates that Ethereum made an initial break below its 50 day Simple Moving Average at $1,856, a possible indication of a forthcoming negative trend. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $1,736.62, a low enough level to, generally, suggest that Ether is trading below its fair value. ETH chart analysis: Ethereum could begin to recover as it approaches significant support, now $13.84 away from $1,839.33. Dipping below could be an indication that further losses are ahead.

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

In the meantime, negative performances are also seen in other markets, Ripple slips 2.46% to trade around $0.453. Cardano is down $0.011 from the beginning of the session and now trades around $0.381.

Positive performances can be seen by looking at other markets as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36.

Ether has managed to gain 56.09% so far this year despite trading at lows around $993.77 previously. Ethereum has a market cap of 223 billion with an average daily volume of 9.82 billion.