Ethereum price swaying with Bitcoin; what to expect?

Ethereum price swaying with Bitcoin what to expect

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.

Ethereum price chart 1 - 24 Feb 2020Ethereum price chart by Trading View

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.

Ethereum price swaying with Bitcoin; what to expect? 1Ethereum price chart by Trading View

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.

Ethereum price chart 3 - Alex Clay - 24 Feb 2020Ethereum price chart by Trading View

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 price chart 4 - Trading Shot - 24 Feb 2020Ethereum price chart by Trading View

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.

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.

Related News

Hot Stories

Ethereum price analysis: ETH briefly breaks $1,900, ready to retrace?
BlackRock launches spot BTC private trust
Solana price analysis: SOL shows slight declining dynamics at $43.5
What Crypto is BlackRock investing in?
Jito Labs Raises $10M from Multicoin Capital and Framework Ventures to Build Performant MEV Infrastructure For Solana

Follow Us

Industry News

BlackRock launches spot BTC private trust
Tornado Cash few accounts unblocked as dYdX affirms it adhered to Treasury’s ban
Renbridge Used by Cybercriminals to Launder $540M by Chain Hopping
Hotbit halts trading activities on its platform
Coinbase records $1 billion loss in Q2