The queen of cryptocurrency Ethereum ETH has been swaying with Bitcoin BTC since the recent rallies at the start of February. Ethereum price movement is pretty much stuck in a similar pattern, i.e., a head and shoulder formation, albeit a rather deformed one in the case of Ethereum.
In the past 24-hours Ethereum price shredded by almost two and a half (2.48) percent, as reported by Coin Market Cap. While the cryptocurrency market is moving bearish with reds all over the charts.
In the past 24-hours, Ethereum has been hovering above the $266 mark for the better part of the day until another Bitcoin bearish move took the price as low down as to the $256 mark. Ethereum price moved back up into the $262 area while the current support lies at the $260 mark.
Ethereum price movement: What to expect?
As discussed in the case of Bitcoin price earlier, analyst Moiseiev Yurii has been of the same view for the queen of cryptocurrency. He believed that the cryptocurrency is safe as moving in the rising channel; however, that prediction did not play out at all.
On the other hand, Alex Clay is of the view that Ethereum is primed for further losses, and the current pullback is just the beginning. Clay’s prediction of a break down has been working pretty much on point so far.
If the fall out continues, Clay explains that the cryptocurrency can fall as low down as to the $245 mark. However, $259, and $252 mark serve as important support areas at the moment.
Moreover, Trading Shot is also of the view that the cryptocurrency is in a rather volatile state of affairs, thus primed for buying. Trading Shot explains that the cryptocurrency is stalling in this zone, making it a premium for buying before the next high target of $360 happens.
Ethereum volatility is above the Bitcoin, and this makes the cryptocurrency a rather more dangerous investment at the time of writing. Caution is advised for better decision making and ensuring safe investments along the way.
Featured Image by Stevanovic Igor
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.