Since Ethereum price touched 200 USD, the price action was range bound for the rest of the month. The price was moving between 250 USD and 300 USD and for the last 10 days of the month, we have seen the range get tighter and Ethereum price was literally bouncing between 275 and 300 to 310 USD.
This is not a bad thing considering the fact that the whole Ethereum community is awaiting the deployement of Ethereum’s Byzantium hard fork. But from a price analysis perspective, such a tight range in a Cryptocurrency indicates a strong and sharp upcoming move that investors and traders need to be ready for. We’ve seen a similar price action in August 2017.
The crucial move for Ethereum price at this point is around the 325 USD. This is a very important level that needs to be cleared so the price can move higher and reach 400 USD or a new all-time high. The strength of this move will determine the future trend for Ethereum as for now, the price is moving sideways and has been since September.
We have provided our perspective in details in our Ethereum price levels to watch in October 2017 for more details. Our chart of the day today illustrates quite well how the price is on a sideways action since it’s last retrace early September. It will be interesting to see what the next move will be for Ethereum.
Stay tuned as we will be sharing soon our list of events investors and traders need to know about as they could provide insight and catalysts for Ethereum price in October and set the tone for the rest of the year.
For more information regarding the upcoming Ethereum Upgrades, our research team published the following series of articles:
- Enhanced Anonymity for Ethereum Coming, Bullish for Ethereum Price
- Ethereum Price and the Upcoming Metropolis Upgrade
- Raiden Network, Ethereum’s Powerful Version of the Lightning Network
- Ethereum related events scheduled for October
For Ethereum’s support and resistance levels in October 2017, click here.