The queen of cryptocurrency Ethereum (ETH) has been holding strong this past week and Ethereum price is up by over six and a half percent (6.67%) since the 7th of October 2019.
Ethereum price commenced the week with a rising push towards one hundred and seventy-five dollars ($175) but by the 9th of October, Ethereum price broke into the one hundred and ninety dollars ($192) range.
ETH price chart showed that the currency was trading above 100 simple moving average (SMA) before it came down to the one hundred and eighty dollars price range.
On the Fibaconni retracements, ETH price stood below the fifty percent (50%) mark during the six percent rise (6.67%) rise in the price. The price took the leap from one hundred and sixty-seven dollars ($167) to the one hundred and ninety-eight dollars ($198) mark.
Ethereum price movement: What to expect?
Ethereum price is going through slight correction towards the one hundred and eighty dollars ($182) mark while a bullish pattern is forming on the ETH price charts.
While on the other hand, if the price charts show that the first level resistance towards the two hundred dollars ($200) mark is at one hundred and eighty-five dollars ($185). Another important resistance point before the golden milestone stands at one hundred and ninety dollars ($190) mar.
Price charts indicate that the ETH price is struggling to remain in an uptrend above the one hundred and eighty dollars ($180) support area. In the short term, there could be a downside spike towards the one hundred and seventy-five dollars ($175) support area.
However, as long as the price is above the one hundred and seventy-five dollars ($175) support, it could bounce back.