Ethereum price analysis: ETH drops to $3,201 after head and shoulder

TL;DR Breakdown Ethereum price analysis shows a drop in price after the head and shoulder pattern completes.Ethereum price followed Bitcoin into a head and shoulder pattern.Current support is found at the $3,162 mark.Current resistance is found at the $3,212 mark. Ethereum price analysis charts reveal that the queen of cryptocurrency has just through a head and shoulder pattern, causing a flash drop in the price. The flash drop occurred at $3,280, and the price fell down to as low as $3,179. At the time of writing, Ethereum’s price stands at the $3201 mark after some corrective momentum took shape and the current support was found. The head and shoulder pattern was rather short-lived but had a heavy impact on the price movement today. ETH/USD price chart. Source: Trading View During the past 24 hours, the queen of cryptocurrency has dropped by 6.81 percent and has dropped by 19.38 percent in the past seven days. ETH/USD 4-hour candlestick chart confirms bearish trend The four-hour Ethereum price analysis shows that the bearish trend is dominant. The upper Bollinger band is serving as the strongest resistance mark at the $3,462 mark. While the volatility has decreased slightly when compared to the past few days. The nine-day moving average (MA) and the Bollinger bands’ average are posing bearish signals where the nine-day MA is found at $3,331, and the Bollinger bands’ average is found at the $3,312 mark, res...