The queen of cryptocurrency Ethereum is following the king in the downtrend, and Ethereum price has shredded as much as 0.84 percent of its value in the past 24-hours, Coin Market Cap reports. However, on the other hand, the Ethereum price has shredded 19.6 percent of its value on the five-day ETH price charts.
The cryptocurrency had been trading above the $230 mark of the better part of the past five days and went as high up as to $250 on the 8th of March.
Ethereum price chart by Trading View
ETH price fell as low as to $192 on the 9th of March, and the current trading price of $201.50 marks a decrease of about 19.6 percent from the $250 high.
Ethereum price movement: What to expect?
Cryptocurrency trader and analyst on Trading View, Moiseiev Yurii, explains that the cryptocurrency has found crucial support at the $185 level. However, this is both a good and a piece of bad news since the current trading price stands at $201.50.
Yurii is of the view that the Ethereum price would continue to fall and hit the support levels at the $185 mark. However, so far the movement trend is strong as ETH price increased to $202.41 while writing this analysis.
On the other hand, trader and analyst DeGram believes that the cryptocurrency has the strongest support at the $193.6 mark.
DeGram furthers that the ETH price is likely to move upwards to the $231 region in the next 12 hours or so while similar analysis has been reported for the Bitcoin price movement. In the case of a Bitcoin reversal, the trend is likely to go bearish due to the overall market lift up. Caution is advised, as always.
Featured Image by Thought Catalog
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.
