The queen of cryptocurrency Ethereum ETH is in a state of dilemma, just like the king Bitcoin. Ethereum price movement had been halted by the strong resistance point found at the $280 mark. In the past hours, the cryptocurrency has taken a strong plunge down to the $262 range.
Ethereum price had been hovering above the $280 mark for the most part of last 24-hours; however, a few hours back, the $280 resistance threw the movement off, sending the cryptocurrency into a new plunge.
It seems that the queen of the cryptocurrency fell down with the king Bitcoin, which is back down to the $9600 range in the past few hours. Ethereum price went as low down as to the $252.50 mark before rising up to the $256 range and is now stabilizing above $260. At the time of writing, the ETH price is hovering at the $264.73 mark.
Ethereum price falls down: What’s next?
Cryptocurrency analyst and trader Alex Clay had been of the view that the cryptocurrency can break through to new highs. However, it was subjected only if it manages to break past the strong, resistant point found at the $285 mark. However, that pattern didn’t play out at all, or rather the big picture took over in the completely opposite direction.
At the time of writing, Ethereum ETH price is going into a new head and shoulder formation, and if the pattern plays out, the queen of cryptocurrency is likely to fall further down to the $173 levels.
While looking in perspective, the cryptocurrency is still in a bullish run, and if it manages to break past strong resistance at the $273 mark, it can go further to test support for $285 resistance playing back into the movement Clay explains in his analysis.
On the other hand, Bitcoin whales have run out on their fuel for market manipulation seems to be the cause behind the current market crash, and in that case, Ethereum is likely to find more turmoil. As usual, we’d advise caution at all costs.
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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.