- Ether price at $257 with no danger in sight
- Ethereum price dropped to $248 in last 24-hours
- A head and shoulders pattern has been forming since February 17
Ethereum News Today – The price of Ethereum is currently changing hands at the $257 area but it is not out of the danger zone. The queen of cryptos Ethereum went down with BTC yesterday. The price of Ethereum now stands at the $257 position. The crypto has shown little change since that moment. The price of Ether was down by just a quarter of one percent since its dip during the last 24-hours yesterday.
However, the crypto price may not be out of danger completely, unlike the other cryptos that are showing good gains like XRP. The XRP price has just moved out of a head and shoulder formation of its own.
Ethereum Price Dropped to $248 Twice in Last 24-hours
During the last 24-hours of trade, the ETH/USD price went down to as low as the $248 mark on two separate occasions. However, the coins price quickly recovered on both times and pushed forward to the same $260 mark on both occasions. On the other hand, most of the trading day, the price of Ethereum has been trading over the $260 position.
There is imminent danger ahead of the 5-day MA charts. This position reveals a grim picture for Ethereum the queen of cryptos, unlike other assets like XRP. It will appear that Ethereum is stuck in a head and shoulders pattern. The position is 50/50 for Ether’s next price action.
A Head and Shoulders Pattern Has Been Forming Since February 17
Looking at the daily chart for ETH/USD, we can find that the pair has initiated a head and shoulders movement. The head and shoulder pattern started to form on February 17 just before the Ether market high. Now, this price action was last in full swing in December 2019. But considering the nature of the price pattern, it wasn’t evident until the Bitcoin price crash for a short period. Since then onwards the shoulder has already started extending its tentacles via the Ethereum daily charts.
If this pattern completes, then a price dip is imminent for ETH/USD. Although the price movement might be contradicted considering the dip to the $248 mark in the last 24-hours. If we take a close look at the duration of the shoulders pattern, the danger of a dip in Ether persists which is why you must be cautious for another 8-12 hours moving forward. This is essential to allow the action to decide its course.