The queen of cryptocurrency Ethereum (ETH) is facing troubles again since the Ethereum price is facing heavy resistance at the one hundred and seventy-five dollars ($175) mark.
Ethereum price trend shows that the currency managed to hit the one hundred and seventy-nine dollars ($179) mark on the 17th of October only to drop.
Then ETH price jumped up to one hundred and seventy-seven dollars ($177) mark on the 21st of October but failed to retain that position.
Ethereum price resumes facing trade bumps with slight upturns. It is probable to drop to the price range of a hundred and sixty-one ($161.056) to a hundred and fifty-one ($151.829) dollars.
History from September indicates the quick purchases of ETH owed to similar dips. Thus, the bull market covering this area is likely to occur.
Ethereum price movement: What to expect?
Considering the recoil of the ETH/USD duo from the support area, the bulls will try to raise it back towards the taut range of one hundred and ninety-six ($196.483).
The embark and closure at Universal Time Coordinated may lead the rally to over two hundred and thirty-five ($235.70)
On the other hand, in case the rate falls below this support line, a decline to a hundred and twenty-two dollars ($122) is a possibility. Zealous traders could help retain the mark at a hundred and sixty dollars ($175) on the long term trend line.