Ethereum price can see further correction after $170

The queen of cryptocurrency Ethereum (ETH) is in a new fix of a situation. Ethereum price is unable to break it past the two hundred dollars ($200) mark before the 25th of September dip in price.

Ethereum price movement reveals that the currency has been trying to recover to the one hundred and seventy-eight dollars ($178) price range on the charts.

ETH price managed to get close at one hundred and seventy-seven dollars on the 21s of October, but it appears it was only to drop back down in a head and shoulder formation.

Ethereum price chart 1 - 22 October 2019Ethereum price chart by Trading View

Ethereum price movement seems independent of Bitcoin regardless of other factors. However, the similarity in the market is visible across the cryptosphere.

Ethereum price movement: What to expect?

The last three days have consisted of the bulls purchasing near to one hundred and sixty-nine ($169). This is indicative of a positive outlook as it appears that investors are not anticipating Ether to decrease to the lower half of the trend line at a hundred and sixty-one ($161.056).

Ethereum price chart 2 - 22 October 2019Ethereum price chart by Trading View

In case the bulls are able to pull up the exponential and simple moving average(s), an upturn to a whopping one ninety-six ($196.483) is probable.

With slight resistance at two twenty-three ($223.999), alleviation can occur up to two thirty-five ($235.70). Presently, vigorous trading positions can be held at one-sixty ($160).

The bullish view can be contradicted in case the bears take charge by sinking the pair beneath the support line of one sixty-one to one fifty-one ($161.056 – $151.829). In case this crashes, the price may plummet downwards to a hundred and twenty-two ($122).