Mixed sentiment leads Ethereum cryptocurrency to trade sideways; establishes tight $1,851 to $1,886 range

ETH is now trading at $1,864 after tracing out a steady $1,851 – $1,886 range today.

Ethereum's upper Bollinger Band® is at $1,962.56, suggesting that a downward move may follow. Despite this, ETH is approaching key support, around $32.38 away from $1,831.49. 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. ETH made an initial breakout above its 50 day Simple Moving Average at $1,877, a potential indicator of a newly emerging bullish phase.

According to technical indicators, Ethereum is positioned for a downward move in the short term.

At the same time, mixed performances are seen elsewhere as FTX Token surges 9.54% to trade around $1.36. Ripple is down to $0.437, losing $0.012, after closing at $0.449 in the preceding trading session. Algorand USD closed at $0.167 (down 3.69%).

Ethereum has managed to gain 62.34% so far this year despite trading at lows around $993.77 previously. Ethereum has a market cap of 224.29 billion with an average daily volume of 9 billion.