Mixed sentiment leads Ethereum cryptocurrency to trade sideways; establishes tight $1,632.74 to $1,674.34 range

Without a clear-cut direction, Ethereum is trading around $1,647.81 and ranging between $1,632.74 and $1,674.34.

Ethereum made an initial break below its 10 day Simple Moving Average at $1,643.57, a possible indication of a forthcoming negative trend. Ether's upper Bollinger Band® is at $1,751.54, suggesting that a downward move may follow. On the other hand, note that Ether is approaching key support, around $20.57 away from $1,627.23. 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.

Despite the market lacking direction, technical chart analysis strongly suggests Ethereum is positioned for a downward move in the near term.

While ETH is pretty flat so far today, mixed performances are seen elsewhere as FTX Token gained 9.54% and is now trading at $1.36. Tezos USD closed at $1.35 (down 5.82%). After ending today's session at $1.21, EOS lost $0.035 and is trading around $1.17.

ETH has managed to gain 36.81% so far this year despite trading at lows around $993.77 previously. Ether has a market cap of 201.65 billion with an average daily volume of 5.54 billion.