The queen of cryptocurrency Ethereum ETH had been moving independently for now. Still, following the Bitcoin rush to $10000, it seems that the Ethereum price trend is back in the following the king formulation.
On Monday, while the king rested, Ethereum ETH price displayed a tremendous independent come back; however, it was just not enough to break past the drop to the $250 – $260 range.
However, only if the fishes were horses would Ethereum price movement would be able to run free from the Bitcoin influence, or of course if the shift to proof of stake (PoS) blockchain methodology is complete.
The Tuesday ETH price movement is pretty much identical to that of Bitcoin, and it is not much of a surprise. Similar to BTC movement, ETH price also took a dip, down to the $260 level while it was trading above $270 for the better part of the day. The rise came right after the dip, and the cryptocurrency rose up to $282 level at first and then moving past to the $285 level. At the time of writing Ethereum is trading at $280.56.
Ethereum price movement: What to expect?
Analysts have a mixed sentiment for the ETH price movement at the time of writing. Where some believe that another dip is imminent, others are hopeful that the queen of cryptocurrency is going to show further rise along with Bitcoin.
Famed Trading View analyst Alex Clay had been of the view that the ETH price is moving into a cup and handle formation that would push the crypto into a bearish move. However, to the traders’ relief, that prediction did not play out.
On the other hand, another important analyst, Moiseiev Yurii, explained in his video analysis that the current trading price is a strong selling zone. Yurii expects the queen to drop down to new lows after hitting the high point we are currently witnessing.
Another analyst and trader David Smith, on the contrary, is of the view that the Ethereum price movement is very strong in the bullish run. David believes that the strongest resistance point is at $286, and if the cryptocurrency manages to break past that point, the next few stops would be at $298.35 and $308, respectively.
Lastly, analyst Dtradess explains the situation in a similar fashion as that of Bitcoin. Dtradess is of the view that an inverse head and shoulder is pushing the ETH price back up to at least $300 levels. However, there is also a good chance that the bullish run fails to breakthrough. In that case, a new low would possibly be found at the $226 level. It seems that the bullish prediction is running true in this case so far.
All said and done, Ethereum is volatile these days, more volatile than the king Bitcoin. Extreme caution is the ultimate word when making trading decisions, and the safer the play, the better the chances you would live to tell the tale another day. We strongly advise against gambling like trading moves in the hopes of higher yields.