While the king of cryptocurrency may be shaky at the moment, the queen of cryptocurrency Ethereum is maintaining a seven percent gain in price. Ethereum price rose from $205 to a high of $224 at one point and has since been trading between $218 and $224.
At the time of writing, Ethereum price stands at $221.35, marking a seven percent gain in the past 24-hours.
Ethereum price chart by Trading View
Ethereum price movement: What to expect?
Most analysts on the trading view platform are convinced that the Ethereum price would not be able to hold the ground in the short term movement. Project Syndicate explains that after the $220 mark is hit, the $206 key support would be tested once again, and at the time of writing, his prediction is still playing out.
Top-rated analyst Trading Alchemist is also of the same view explains that the support line is in the $201 to $204 range. However, his prediction doesn’t seem to be as accurately playing out as expected, and a delay is observed on the chart, while the resistance level at $225 has not been breached. As long as the resistance persists, a fall can be expected anytime soon.
Trading View expert Trading Guru explains that the previous resistance levels are now serving as support levels, and even if the queen of cryptocurrency moves past the $225 resistance, it will face very strong resistance at the $228 mark thus catapulting the price to retrace to the lower levels.
The only analyst optimistic of a breakthrough is Valeriia Top, who believes that since Bitcoin and Ripple‘s XRP are now moving past the pressure points and in for finding support to new heights. Ethereum is likely to continue the uptrend in the overall market swing. However, she also explains that the market can still sway both ways. Cautious trading is advised as always.
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.
