Ethereum price reached a new All-time high of 353 USD on December the 9th. More upside ahead for Ethereum price? If so, why and what would be the price target investors should expect? These are the questions we will answer through an overview of a few “Charts of the day”.
This is the second All-time high in less than 2 weeks as Ethereum price just reached a new record on November the 22nd. We’ve covered the event in our latest price prediction article: Ethereum price levels to watch in December 2017.
More upside Ahead for Ethereum price and why
- Ethereum broke out in November, it also retraced and even back tested successfully the Breakout level.
- Ether price has been consolidating for a while now. This is a very positive point for Ethereum price. We will cover why through charts.
We could see the sideways price movement in the chart below covering the last 30 days:
Zooming out to take a look at the 60 days price action: Still a rather lateral move for Ether. In fact this timeframe shows how after consolidating in the lower half of the Blue channel, ETH is now on a sideway movement in the Top part of the ascending price channel.
The 6 months price action shows a range bound consolidation within the blue channel. In a sense, Ethereum price exploded to the upside in the first half of 2017, had a sharp correction early summer and spend the 2nd half of 2017 consolidating. Overall the chart and the trend remained constructive.
In general, a rule of thumb is if the price consolidates within an uptrend, the outcome is a strong price move to the upside. The longer the consolidation, the higher the price move will likely be. This is what we might see happening with Ethereum in the upcoming months or weeks.
It is also very possible that this will be the move that will lead to the materialization of our Ethereum price prediction of 1000 USD. We will be watching and updating our readers, especially in conjunction with Bitcoin’s price action.