The queen of cryptocurrency Ethereum (ETH) has long been suffering and now Ethereum price action shows news lows below the one hundred and seventy dollars ($170) mark.
Ethereum price has been struggling to rise above the two hundred dollars mark, however, to no real avail the state of the cryptocurrency has not been promising.
On the 12th of August, Ethereum price stood above two hundred and fourteen dollars ($214.79) mark on the 12th of August. Soon after the price fell down to one hundred and seventy-four dollars ($174) by the 15th of August.
Ethereum price head and shoulder patterns
14th of August 2019 marked the start of a head and shoulder pattern that started on the 14th of August and continued to play out until the 28th of August, 2019.
While the pattern was in play ETH price went as high up as to two hundred and four dollars ($204) before falling back down to one hundred and seventy dollars ($170) mark on the 28th of August.
Since the fall on the 28th of August, ETH price has been struggling to find a footing to rise back up to two hundred dollars ($200) mark.
However, at the time of writing, another head and shoulders pattern formation appear to be in the formation phases that may take up to two weeks to play out.
During the formation of the pattern, the price is expected to hit back up, however, only to come crashing down below the one hundred and seventy dollars ($170) mark.