The Ethereum price had a rough time during the month of June and early July 2017.
It stabilized towards the end of July, recovered early August and consolidated for almost 2 weeks. August 1st, we published that the Ethereum price breakout is a fact. On August the 16th, we shared with our readers that Ethereum price could be setting up for the next rally , that a break of the $325 level is very Bullish. On the 21st, 3 bullish signs on Ethereum price chart were spotted, indicating more upside to come.
Hopefully our readers profited from these actionable insights as on August first, Ethereum was still trading at $225 compared to $382 at press time.
Ethereum price action: What’s next?
The price action so far has been strong and it looks like Ethereum is on its way to test its All-time high of $419 from the month of June. If that top is broken, we expect volume to increase significantly triggering a sharp increase in Ethereum’s price. One thing is for sure, the $1000 Ethereum price forecast is still holding.
On the chart, now that $325 level has been broken, we can clearly see how $419 is the next resistance level to be cleared.
Another Bullish factor for Ethereum is how Bitcoin has just set a new all-time high yesterday and with all the challenges Bitcoin had and still has after the hard fork leading to the creation of Bitcoin cash, it is still the sector leader. In other words, Bitcoin setting a new all-time high is Bullish for Ethereum, for once it runs, the sector usually benefits from the overall positive sentiment.
A current wild card for Both Ethereum and Bitcoin is Gold. Right now, Gold price is sitting at $1309. If the price holds above 1300 or higher, it is literally in uncharted territory when it comes to the correlation Gold and Cryptocurrencies. If $1300 doesn’t hold, it is a possibility that money would flowing into Cryptocurrencies. We had published early observations in an attempt to understand this correlation between Ethereum to Gold and Ethereum to US Dollar.
To conclude, Ethereum price chart looks Bullish but investors need to keep an eye on is the following to understand the next move:
- Volume and the extent of profit taking that will happen once the price crosses $419.
- Gold price performance and the overall stock market correction.
- How Ethereum price will react to the upcoming Ethereum fork in september.
We will be discussing the details of this upcoming event in our next article.