Ethereum is in a rollercoaster. As most cryptocurrencies it is not for the faint of the heart.
Just one week ago the price of Ethereum started breaking out. That is when it pierced through $400, its former top. In fact Ethereum peaked at $400 both in June as well as end of August. That’s what we call a double top, and it has provided strong resistance so far.
Even if Ethereum crashed 25 percent this week it did not breach any important price level. As said many times before only a handful of prices on a price chart are meaningful. The $400 is one of those few price points. In fact, it is THE single most important price point.
This certainly is not wisdom that you will hear or read on many other places. Still, it is one of the most important things to remember when trading any market.
Ethereum’s price chart (one year, shown below) shows how strong Ethereum looks even after this weeks correction. Note, though, that Ethereum must go higher from here in order to remain bullish.
Readers should carefully study Ethereum’s price chart below, and keep on monitoring its $400 level in the coming days.