Ethereum Price held above the important level of $325 for more than 3 days now. This price action confirms that the recent consolidation might lead to higher prices.
As of august 23rd, Ethereum Price crossed above 325$, this time though, it was able to hold and not be rejected at this level. What’s also interesting is that it was able to hold although there is no substantial (spectacular) increase in volume. Speaks to the strength of the upcoming move.
So what factors can influence the upcoming move?
Ethereum price: Factors to watch
Many factors (Bullish for the most) can impact Ethereum price and its next move. One of these factors has to do with a broader mass acceptance and increased demand. Recently, Blockchain (Bitcoin’s biggest software wallet) and Bitstamp announced their support for Ethereum. In this article, Fortune shares how the demand for Ether drove these 2 established Blockchain companies to offer Ethereum on their platforms.
According to Peter Smith, Blockchain’s CEO:
” The Ethereum community, ecosystem and technology has really matured over the last year, so we felt confident introducing it to our users. We’re excited about Ethereum’s potential.”
We consider this adoption a vote of confidence in both the future demand for Ethereum and its Safety and stability. Adding a new Currency to a wallet or exchange always comes with security risks so unless the move is deemed safe, it won’t happen. Blockchain and Bitstamp are established companies in the cryptocurrency sector and wouldn’t take unnecessary risk.
Intermarket dynamics is another factor. This week is an important week in the stock markets as there is a 2017 stock market correction underway and Gold and Silver look like they are Breaking out. We have important economic data and reports coming up from the USA, Canada and China this week. So it will be interesting to study the impact on these moves on the Cryptocurrency market. Our Team has already provided a study of the Gold Ehtereum Price correlation and Ethereum US Dollar correlation.
So to answer our initial question in the title, there is a high probability of a strong Ethereum price performance. Factors to watch (Bullish for the most), were the ones mentioned above. The money flow (Stock market / Gold / Cryptocurrencies) will be the tricky part in predicting the next move in these markets. We will be updating our readers this week with our observations.