The queen of cryptocurrency Ethereum ETH is now moving independant of the Bitcoin price movement, as seen on Sunday. Ethereum price is back up to the $268 mark within a day, while BTC continues to struggle on Monday.
Ethereum price movement has long been considered a shadow movement of the king coin; however, this time around, Ethereum is taking the lead ahead of Bitcoin in an attempt to gain better control over the market and for better mass adoption.
The market bled out on Sunday, and the Ethereum price trend was no exception as it fell down from a high to the low point of $236 on the 16th of February. However, in the past 24-hours, ETH price has managed to gain the necessary support to find itself at the same trading price gains as reported earlier by Cryptopolitan.
Ethereum price movement: What to expect?
The current ETH trading price of $268 is a good sign with regards to the overall market movement and especially the Bitcoin price movement. However, looking in perspective, ETH price is still down by a good margin from the 7-day gain recorded on the 15th of February at $288.
Although the formation is bullish, the trend is not strong enough to hit back to the weekly high recorder earlier. The current support levels are standing at the $235.70 mark and further below at the $229 mark.
However, if the bulls fail to break out to new highs, especially the strong resistance point at $284 ETH price can also fall as low as $220 – $190. All in all, Ethereum may be in a good position right now, but the oblivious and uncertain situation, coupled with the high volatility, can cause a crash anytime.
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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.