The queen of cryptocurrency Ethereum ETH went down with the king yesterday, and Ethereum price stands at the $257 mark at the time of writing. The cryptocurrency has shown little change since then, and the price was down by only a quarter of a percent since the dip yesterday, Coin Market Cap reveals.
However, the cryptocurrency may not be completely out of danger yet, unlike other cryptocurrencies showing good gains, including Ripple XRP, that has just come out of a head and shoulder formation.
During the past 24-hours, ETH price went as low down as to the $248 mark twice; however, it recovered quickly both the times and interestingly to the same $260 mark. On the other hand, for the most part of the day, the Ethereum price has been trading above the $260 mark.
Ethereum price movement: Imminent danger ahead
The 5-day charts reveal a rather grim picture for the queen of cryptocurrency, unlike Ripple XRP it seems Ethereum is still stuck in a head and shoulder pattern in the formation.
Ethereum price chart by Trading View
The head and shoulder pattern started forming on the 17th of February right before the market high and was in full swing by midday 19th of December. But given the very nature of the pattern, it was not evident until the Bitcoin crash occurred. Since then, the shoulder has been extending its tentacles on the Ethereum price charts. If the pattern completes, a dip is imminent.
Although the movement may be contradicted given the dip to $248 today, if we look at the time duration of the shoulders, the danger persists. Caution for another 8-12 hours is extremely necessary to let the movement decide its course.
Featured Image by Clifford
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.