The queen of cryptocurrency Ethereum has taken the largest hit in the crypto market crash. Coin Market Cap is reporting that Ethereum price shredded as much as 42.74 percent of its value in the past 24-hours.
While on the other hand, Ethereum price charts are closely resembling the Bitcoin price movement in the past 24-hours while the only difference is that the situation is worse for Ethereum.
Ethereum price chart by Trading View
The situation is rather tight for Ethereum as the shift to proof of stake (PoS) nears the situation is getting grim. Institutional investors have also been reported to declining amidst the rising Ethereum volatility. Whereas, the situation is not getting any better since the Bitcoin price trend is also hitting a new rock bottom every passing day.
Ethereum price movement: What to expect?
While writing these lines, the Ethereum price has dropped further, below the $100 psychological mark. On the other hand, the cryptocurrency community is hoping on the dwindling candle of the inverse head and shoulder pattern that has started to emerge on Ethereum charts as well.
Ethereum price chart by Trading View
A similar inverse head and shoulder pattern is also forming on the Bitcoin price chart, however, both the patterns are in early phases where the head has not fully formed. If the head and shoulder pattern forms a new high could be in play within the next two to three days.
While on the other hand, if the market continues to go down the bearish lane new lows towards $84 may be in sight. Extremely cautious trading despite good buying opportunities is advised.
Featured Image by Cryptopolitan.com
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.
