Ethereum price Broke the 325 USD Level to trigger what could be a massive Bullish move in price today October the 13th. As you can see below, the price jumped 10.45 within 24 hours after consolidating in a tight range for weeks.
A 10% jump is not usually a big deal for Cryptocurrencies but this one is a notable one for it is happening right before the Byzantium Fork to upgrade Ethereum’s Code, Anonymity and eventually scalability. It is also notable because with this jump, Ethereum price broke a key resistance level, that is the 325 USD.
In our Ethereum price outlook for October 2017 and price levels for investors and traders to watch, we said the following:
The main resistance for investors and traders to watch in October is 325$. Above that Ethereum will probably retest the 400 USD level. The 400 USD is the ultimate resistance for Ethereum price to break.
Regarding the type of move investors can expect:
One thing is for sure, the next move in Ethereum price will be a sharp one, be it to the upside or downside. We favor the bullish scenario from the chart setup and September’s consolidation amid the pressure on the Cryptocurrency market and the upcoming upgrade. We also predict many positive catalysts to come in the month of October for Ethereum and Cryptocurrencies.
And very important to keep in mind:
This chart setup leads us to believe that if Ethereum price breaks the 325 USD level, it will signal the start of a new leg up similar to the price action from August. The upward move in Ethereum price has to be a strong one supported by a fundamentally strong catalyst for the price to be able to “touch” or even “break” the 400 USD level. Otherwise, it will be another lower high for a triple top.
Therefore, this move could definitely signal a big move for Ethereum that could set the tone for the end of 2017 and the start of 2018. For this to happen though, Ethereum price needs to maintain above 325 USD for the next 36 hours and the Byzantium hard fork will need to be deployed smoothly. That is what will bring the fundamentally strong Catalyst that will push Ethereum price to 1000 USD as forecasted by our Sister site Investinghaven earlier this year.