Mixed sentiment leads ETH cryptocurrency to trade sideways; establishes tight $1,474.37 to $1,481.38 range

Without a clear-cut direction, Ethereum is trading around $1,479.48 and ranging between $1,474.37 and $1,481.38.

Trend analysis indicates that Ethereum made an initial break below its 5 day Simple Moving Average at $1,471.31, a possible indication of a forthcoming negative trend. According to asset volatility analysis, ETH's upper Bollinger Band® is at $1,710.83 and the lower is $1,425.23. As the trading day commences, technical analysis suggests Ethereum is approaching key support, around $47.04 away from $1,432.44. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.

With market volatility ebbing, the current technical outlook indicates Ether will remain range-bound for the immediate future.

Other markets show mixed performance as FTX Token is up 9.54%. UNICORN Token USD stumbles 2.98% to trade around $6.43.

Approximately 11 months ago, ETH reached a significant high of $3,515 but has struggled to hold onto its gains and declined 57.88% since then. Ether has a market cap of 181 billion with an average daily volume of 7.47 billion.