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Ethereum price analysis: ETH drops to $3,201 after head and shoulder

Ethereum price analysis ETH drops to after head and shoulder

TL;DR Breakdown

  • Ethereum price analysis shows a drop in price after the head and shoulder pattern completes.
  • Ethereum price followed Bitcoin into a head and shoulder pattern.
  • Current support is found at the $3,162 mark.
  • Current resistance is found at the $3,212 mark.

Ethereum price analysis charts reveal that the queen of cryptocurrency has just through a head and shoulder pattern, causing a flash drop in the price. The flash drop occurred at $3,280, and the price fell down to as low as $3,179. At the time of writing, Ethereum’s price stands at the $3201 mark after some corrective momentum took shape and the current support was found. The head and shoulder pattern was rather short-lived but had a heavy impact on the price movement today.

Ethereum price analysis: ETH drops to $3,201 after head and shoulder 1
ETH/USD price chart. Source: Trading View

During the past 24 hours, the queen of cryptocurrency has dropped by 6.81 percent and has dropped by 19.38 percent in the past seven days.

ETH/USD 4-hour candlestick chart confirms bearish trend

The four-hour Ethereum price analysis shows that the bearish trend is dominant. The upper Bollinger band is serving as the strongest resistance mark at the $3,462 mark. While the volatility has decreased slightly when compared to the past few days. The nine-day moving average (MA) and the Bollinger bands’ average are posing bearish signals where the nine-day MA is found at $3,331, and the Bollinger bands’ average is found at the $3,312 mark, respectively.

Ethereum price analysis: ETH drops to $3,201 after head and shoulder 2
ETH/USD 4-hour candlestick price chart. Source: Trading View

The lower Bollinger band is found at the $3,162 mark. The relative strength index (RSI) is also bearing a neutral signal at a 35.23 score but leaning towards the bearish trend.

Ethereum price analysis 1-day candlestick chart red with bearish marks

The one-day Ethereum price analysis chart is red with bearish marks all over. The volatility is slightly decreased compared to the 6th of September before the big price drop. The upper Bollinger band is found at the $4,051 mark. The nine-day moving average (MA) is found at a bearish cross on the $3,478 mark posing as another resistance point for the queen of cryptocurrency.

Ethereum price analysis: ETH drops to $3,201 after head and shoulder 3
ETH/USD 1-day candlestick price chart. Source: Trading View

The next resistance is found at the Bollinger bands’ average price found at the $3,474 mark. While the lower Bollinger band is found at the $2,896 mark. The relative strength index is also found at the neutral score of 45.12. The RSI is leaving ample opportunity for bullish momentum to take shape through buying trends.

Ethereum price analysis conclusion

Safe trading options are always the best trading options in any kind of market. The queen of cryptocurrency is walking through a bearish movement following Bitcoin price into the trend earlier today. The losses have been made, and now the queen of cryptocurrency is seeking to recover from the current bearish momentum. Further correction can be expected if the current support levels falter. If the current support level persists, the queen is likely to recover to the higher price levels found above the $330 mark.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions. 

Andrew

Andrew

Andrew is a journalist and cryptocurrency enthusiast who writes for the love of blockchain and cryptocurrency. He possesses vast knowledge of cryptocurrency, blockchain and other fintech and tech-related areas he has been covering for a long time.

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