- Ethereum price analysis shows corrective movement after the flash crash.
- Ethereum followed the king Bitcoin into a flash crash.
- Strong support is currently found at the $3,339 mark.
- Strong resistance is currently found at the $3,567 mark.
Ethereum price analysis reveals that the queen of cryptocurrency once again followed the king Bitcoin into a flash crash. The flash crash took the price down by almost $700 to the $3,055 level. The queen recovered quickly in a similar motion as Bitcoin, and the price managed to get stable at the current price range of $3,450. The queen has been enjoying independent motion for the past week, and the flash crash has been less disastrous to the queen than it is to the king. The current motion is marked with bearish signals amidst the corrective momentum trying to recover from the loss.
Ethereum price analysis: 1 day chart reveals bearish crossovers
Compared to Bitcoin, the Ethereum price analysis chart is showing lesser bearish indications since the queen is only following the market momentum at the time of writing. The upper Bollinger band is present at the $4,048 mark showing the highest resistance for the queen with an increase in the overall volatility on the charts. The lower Bollinger band is found at the $2,872 mark showing the strongest support level and marking the lower end of the volatility band.
The only bearish crossover is presented by the nine-day moving average found at the $3,740 mark above the current price level. The Bollinger bands’ average is also found below the current price at the $3,460 mark. The relative strength index is showcasing a 52.78 level which is well within the neutral range of 45-55, neither leaning towards overbought nor the oversold mark.
ETH/USD 4-hour candlestick chart showing higher bearish signs
The four-hour candlestick Ethereum price analysis chart reveals more discrepancies for the queen of cryptocurrency than the daily chart. Ethereum is showing just as many bearish crossovers on the four-hour chart as the king of cryptocurrency. The volatility has increased many folds since the king of cryptocurrency took the market into a bearish momentum, and the queen Ethereum is no exception. Ethereum is down by 11.98 percent in the past 24-hours but up by 0.29 percent in the past seven days, marking lower losses than the king.
The upper Bollinger band is found at the $4,195 mark showing the top resistance mark. Whereas the Bollinger bands’ average and the nine-day moving average (MA) are marking bearish crossovers above the current price. The Bollinger bands’ average is found at the $3,787 mark, while the nine-day average is found at the $3,631 mark. The lower Bollinger band is found at the $3,378 mark. The relative strength index is also on the oversold mark with a score of 29.45.
Ethereum price analysis conclusion
The queen has largely followed the king Bitcoin in the current market motion. However, the queen of cryptocurrency had been enjoying independent movement for the past week. If the current support levels persist, the queen is likely to emerge out of the current bearish momentum in the days to come and retest the $3,500 mark and even above that. If the current support levels falter, the king of cryptocurrency is likely to take a dip below the $3,500 mark towards the $3,000 range.
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