The queen of cryptocurrency Ethereum ETH price had been following the king Bitcoin, and it seems that the Ethereum price trend is still not far from where it started a couple of weeks ago.
As all sounds lost, Ethereum is actually marking about 18.18 percent gains on the 30-day charts while Bitcoin is marking about 10 percent losses in the price value.
Ethereum price went up with the Bitcoin flash rise to the $10,000 mark, and the two cryptocurrencies continued to play into a hide and seek of trend line lead by the Bitcoin movement. The two went into two head and shoulder movements together before Ethereum broke the trend for independent movement.
Ethereum price is reporting an over three (3.05) percent losses in the past 24-hours, as reported by Coin Market Cap. While, the price chart above clearly reveals that the cryptocurrency is in over 18 percent gains since the 31st of January.
Ethereum price movement: What to expect?
Ethereum price movement is still rather dependent on the Bitcoin; however, famed analyst Alex Clay explains that the cryptocurrency is showing a tendency for both gains and bearish reds at the same time.
Clay finds the sell zone below the current trading price, that was hit earlier today at the $218 mark. If the cryptocurrency fails to sustain the support at this level, new lows at $212, 206, and further below at 202 are expected. On the other hand, strong resistance is found at the $237 mark.
Similarly, analyst DLavrov explains that the current bearish cycle is just a build-up for the upcoming bullish run, given that Bitcoin returns into a bullish momentum at the same time.
DLavrov finds the support to be between the $220 – $200 range, similar to Clay’s prediction, however, with the good news of an upcoming uptrend. Cautious trading can still yield good gains for cryptocurrency day traders.
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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.