Mixed sentiment leads Ethereum cryptocurrency to trade sideways; establishes tight $1,763.37 to $1,807 range

After dropping down to $1,763.37, Ether recovers some losses and is currently trading at $1,799.

The Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Ethereum's upper Bollinger Band® is at $1,863.45, suggesting that a downward move may follow. In contrast, ETH is approaching key support, around $26.49 away from $1,772.61. 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.

At the same time, mixed performances are seen elsewhere as FTX Token is up 9.54% to $1.36. Cardano closed at $0.356 (down 2.28%). After ending today's session at $0.155, Algorand USD lost $0.005 and is trading around $0.15.

A month ago ETH reached a significant high of $2,120 but has consequently lost 14.96% since then. Ethereum is currently trading with a market cap of 216.36 billion with an average daily volume of 6.62 billion.