Mixed sentiment leads Ethereum cryptocurrency to trade sideways; establishes tight $1,562 to $1,584.21 range

Without a clear-cut direction, ETH is trading around $1,569.58 and ranging between $1,562 and $1,584.21.

Ethereum made an initial breakout above its 3 day Simple Moving Average at $1,596.82, a potential indicator of a newly emerging bullish phase. Ethereum's upper Bollinger Band® is at $1,724.24 and the lower is $1,537.57. ETH reversed direction at $1,552.68 support zone and climbed $16.9 above it.

Overall, looking at the technical analysis landscape, it seems ETH might be pointing upward in the short term.

Other markets show mixed performance as FTX Token soars 9.54% to trade around $1.36. UNICORN Token USD is trading around $6.43 (down $0.197). Tezos USD goes up 2.56% to trade around $1.14.

Ether reached a significant high of $3,515 around 10 months ago but has lost 55.41% since then. Ether has a market cap of 192 billion with an average daily volume of 7.48 billion.