Mixed sentiment leads Ethereum cryptocurrency to trade sideways; establishes tight $1,931.78 to $1,979.57 range

Tentatively higher from an earlier low of $1,931.78, ETH is up to $1,939.55 today, adding $4.55, or 0.23%, to today's closing price of $1,935.

Ethereum made an initial break below its 21 day Simple Moving Average at $1,931.82, a possible indication of a forthcoming negative trend. On the other hand, note that Ether is approaching key support, around $55.21 away from $1,884.34. 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 Ether is positioned for a downward move in the near term.

While Ether is pretty flat so far today, mixed performances are seen elsewhere as FTX Token gained 9.54% and is now trading at $1.36. Dogecoin closed at $0.084 (down 4.73%). Ripple closed at $0.472 (down 4.08%).

This year has been a bright one for ETH after trading as low as $993.77 and going on to appreciate by 67.64% year to date. Ethereum has a market cap of 233.58 billion with an average daily volume of 9.21 billion.