Ethereum price analysis charts show that the cryptocurrency’s queen has recently completed a head and shoulders pattern, resulting in a price decrease. The price dropped to as low as $3,179 after the flash dip at $3,280. After some corrective momentum took shape and the current support was found, Ethereum’s price is now around $3201 at writing. Although the head and shoulders pattern was short-lived, it significantly influenced today’s price movement.
The queen of cryptocurrency has fallen 6.81 percent in the last 24 hours and has dropped 19.38 percent in the last seven days.
The 4-hour candlestick chart of ETH/USD supports the negative trend
The negative tendency is evident in the four-hour Ethereum price study. At $3,462, the upper Bollinger band is acting as the most powerful barrier. When compared to the previous several days, volatility has dropped marginally. The nine-day moving average (MA) and the Bollinger bands’ average are both indicating bearish signs, with the nine-day MA at $3,331 and the Bollinger bands’ average at $3,312, respectively.
At $3,162, the lower Bollinger band may be discovered. With a score of 35.23, the relative strength index (RSI) is likewise neutral, although leaning towards the negative trend.
The 1-day candlestick chart of Ethereum’s price is red with bearish indications
The one-day Ethereum price analysis chart is red and filled with negative signs. Compared to the 6th of September, just before the major price collapse, volatility has dropped somewhat. At $4,051, the upper Bollinger band may be discovered. On the $3,478 level, the nine-day moving average (MA) is at a bearish cross, offering another resistance point for the queen of cryptocurrencies.
The next level of resistance is found at the $3,474 mark, which is the average price of the Bollinger bands. The lower Bollinger band is at $2,896, while the upper Bollinger band is at $2,896. The neutral score of 45.12 is also seen in the relative strength index. The RSI is allowing plenty of room for positive momentum to emerge via purchasing patterns.
In every market, safe trading options are always the finest trading alternatives. Following Bitcoin price into the trend earlier today, the queen of cryptocurrency is traveling through a negative swing. The losses have been incurred, and now the cryptocurrency’s queen is attempting to reverse the current negative trend. If the current support levels fail, further correction is likely. However, the queen is expected to recover to higher price levels above the $330 mark if the current support level holds.