Moving unprecedently, Ethereum ETH price is following the Bitcoin movement into the lows and highs as the ETH price stabilizes at the $175 mark. Ethereum price rose right after the BTC flash rise and in an almost synchronized movement with BTC, it is stabilizing at the gained levels.
In the past 24-hours, Ethereum price fell down to $170 mark, however, it quickly stabilized above the $173 mark in less than an hour’s time. Whereas a similar drop can be observed on the Bitcoin price charts marking a synchronized price movement.
Ethereum ETH price movement: What to expect?
Cryptocurrency analyst Alex Clay reported that the last Ethereum ETH price breakout to the $176 mark was in fact a “fakeout” driven by an excited and anxious market movement. As predicted by Clay, ETH price fell down, however, unlike the prediction the price moved up as soon as Bitcoin price started moving upwards.
Clay expected Ethereum ETH price to fall further down to the $168 point, however, the price movement had other plans. Cryptocurrency is considered a volatile market despite contrary evidence while Bitcoin correlation with Ethereum seems to be the major reason for the defiant price movement.
However, the strong resistance point at $176.41 seems to be playing out pretty well as a basic indicator chart describes the $176 mark as the strongest resistance point for ETH breakout towards $200.
Whereas, the relative strength index (RSI) stands at the 41.39 mark. If the current price movement persist, ETH can break out to $200, however, if the Bitcoin price falls down again, a price crash is expected to follow.
Featured Image by PikRepo
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.