- Ethereum price analysis reveals that the cryptocurrency is in mildly hot waters.
- Ethereum followed Bitcoin into the flash crash and has been struggling since.
- Strong support is currently found at the $3,370 mark.
- Strong resistance is currently found at the $3,500 mark.
Ethereum price analysis shows that the queen of cryptocurrency has been suffering from the same issues as the king Bitcoin ever since the flash crash on the 7th of September. Ethereum price recovered to the same level as the current price, i.e., $3,390 mark on the day of the flash crash, and has been trading within the same range ever since. During the past 24 hours, Ethereum’s price fell by 4.37 percent, while the cryptocurrency has lost 12.83 percent of value over the past seven-days trend.
Ethereum price analysis 1-day candlestick show bearish control
The one-day Ethereum price analysis chart shows bearish signals controlling the current price movement. The upper Bollinger band is found at the $4,050 mark, also showing the strongest resistance point with a slight decrease in volatility when compared to the past few days. The queen of cryptocurrency is largely bearish on the chart since both the nine-day moving average (MA) and the Bollinger bands’ average are posing resistance to the price movement.