Ethereum price likely to hit new high: analyst

The queen of cryptocurrency Ethereum is following the king, and Ethereum price charts are once again a shadow of the Bitcoin price chart.

However, on the other hand, where the 12th March Bitcoin price dip may be something normal for the king coin, it was nowhere to be seen on the ETH price charts. Although Ethereum has been showing some independent movement, for example, in the past 24 hours alone, ETH price is marking a 0.31 percent gain while BTC price is marking a 0.48 percent loss.

Ethereum price chart by Trading View

On the 27th of March, a little deviation from the Bitcoin price movement was observed. Ethereum price chart shows that the head and shoulder pattern started forming earlier on the ETH price chart than the Bitcoin.

Ethereum price movement: What to expect?

Trading view analyst DeGram is grim on both Bitcoin and Ethereum. He, therefore, recommends traders not to buy either of the cryptocurrencies until after they have hit a new low point defined by the analyst. He believes that buying would be futile until Ethereum breaks the strong resistance line found at the $142 mark.

While on the other hand, analyst Alex Clay is hopeful that the cryptocurrency is going to punch a new era onto the charts in the days to come and hit new highs very soon.

Ethereum price chart 2 - 27th March 2020


Ethereum price chart by Trading View

Clay furthers that given that the ETH price breaks past the resistance found at the $139 range, it would hit the $141.02 mark and further above the $146.50 and $151.11 if the support persists. However, if the market flips, the Ethereum price can also fall down to the $116 or more likely the $120 range. Cautious trading at each point is vital to ensure profits.

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.

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