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Ethereum price follows BTC to shred 19 percent value

Ethereum price follows BTC to shred percent value

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 1 - 9th March 2020Ethereum 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.

Ethereum price chart 2 - 9th March 2020Ethereum price chart by Trading View

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.

Ethereum price chart 3 - 9th March 2020Ethereum price chart by Trading View

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.

Saad B. Murtaza

Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

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