Ethereum Price, along with other Cryptocurrencies are still dropping. Bitcoin facing Stiff resistance at the 6000 USD is not helping the sector. Today alone, Ethereum dropped at press time by 3.65% and Litecoin by 5%.
Ethereum hit its 30 days low when trading at an Intraday low today of 274 USD. As we are writing this article, it bounced back and is trading at 282 USD. As shown by the chart below, 270 USD needs to hold so the trend line is maintained.
In our Ethereum Price Important Price Levels To Watch In October 2017 article, we wrote about how important it is for Ethereum price to hold the 270 USD Level:
On the other hand, if Ethereum price falls bellow 270 USD and we might see it re-visit the 250 and ultimately the 200 USD level. So far, the price is consolidating around 300 USD and could easily break that resistance on positive updates regarding Ethereum’s upgrade or even a Bitcoin rally that should give a positive boost to the whole Cryptocurrency market.
As we all know, the Byzantium upgrade was deployed rather smoothly. This wasn’t enough to stop the “sell the news” that happened earlier last week or increase buying volume as we can see from the chart. Also, and for good reasons, some users and investors might still be in the fence as according to Gavin Wood, some issues related to the recent Ethereum hard for might arise days or weeks after the Upgrade.
We still maintain a positive outlook for Ethereum. Ether is set to benefit from the strength of the underlying code and enhanced scalability. Our Research is keeping an eye on the development and updates following the Ethereum Byzantium fork as well as the upcoming major event for Ethereum: Devcon 3.
You can read more about the Ethereum upgrade in the articles below: