Ethereum price was on an uptrend trend during the last 7 days as shown by the chart below. The price increased by 3.69% in the last 7 days. Bullish? Not yet? let’s look at the different timeframes to see what the trend looks like for Ethereum price so far.
Quick reminder that our outlook for Ethereum price during the month of September was shared earlier this month as well us an Ethereum price update from earlier this week. The newest developments of the Ethereum Metropolis upgrade were covered as well given their importance for Ether price performance. Investinghaven also shared important insight on The recent dip in the Cryptocurrency market and the outlook for the top Cryptocurrencies by market Cap including Ether.
As we write our article, Ethereum price is exactly at 300.18 USD. This is where we still believe the price might face stiff resistance. In fact, the most important resistance area for Ethereum price (after its all-time high top) will be the area between 300 and 325 USD.
Ethereum Price : What’s next?
Our next chart illustrates Ethereum price for the last 6 months. It shows clearly how as of today, the price is at a resistance area. This resistance area is important because both the diagonal and horizontal resistance lines are meeting at the 300 USD level. If Ethereum price can break above this level, this will be a bullish move for Ethereum price considering the uncertainty surrounding the cryptocurrency market.
It is to be expected that Ethereum will not break this resistance zone at the first try given the strength of this resistance area. To remain in a positive uptrend, we want to see Ethereum not make a lower low. Meaning that it needs to trade above 250 USD for now. If that level is respected, it is just a question of time before the 300 to 325 resitance is broken.
Investors and traders need to expect volatility in the next days given all that’s happening in the crypto market and Ethereum Metropolis upgrade. So far, the volatility was surprisingly not that spectacular.
As we finished writing this article, Ethereum price is now at 299.19 USD.