Ethereum price is at $330.91 as we write this article. In other words, we crossed the important $325 level that Ethereum price needs to break for a Bullish run as identified earlier this month.
When looking at the chart below, we can spot 3 Bullish signs investors need to keep an eye on:
- Higher lows have been forming on the Ethereum price chart since mid July.
- The $325 Top from the end of June’s Crash has been broken
- The volume today is similar to the level from August 4th, right before Ethereum price went from $253 to $309.
Investors and traders alike will also need to see the price hold above this $325 level for confirmation. Again, looking at August 4th, we can see a 48 hours consolidation prior to the Breakout.
Ethereum Price upcoming movement: Two possible scenarios
At this point, we see two potential scenarios happening this week:
- Ethereum is rejected at this $325 level and back into consolidating in the same range as the last couple of weeks. Read about this range in our article foreseeing a possible Ethereum price rally.
- Ethereum maintains above $325 for a couple of days and Breaks out with authority. Volume will be an im
We tend to favor the 2nd scenario especially if supported by any positive updates from the Ethereum community. Risk remains Security and overall Cryptocurrencies performance, mainly Bitcoin and Bitcoin Cash.
For our most recent updates on enhancements to Ethereum and its code that might impact its future value, read our newest article about the upcoming enhanced anonymity features in Ethereum.