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 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).
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).