The Ethereum price has arrived at a critical juncture! The daily price chart shows why!
Two days ago we wrote Why The Price Of Ethereum Should Hold 200 USD. The reason was that the 200 USD level is one of the two major support level for Ethereum’s bull market. The other support level is 150 USD.
Yesterday and today were great as Ethereum did exactly what it had to do for bulls: bounce strongly and go back above 300 USD.
However, the next few days will be even more important. As the price of Ether is rising again, it is, at least for now, putting in a lower high compared to the previous weeks. Interestingly, yesterday’s and today’s rise peaked at a resistance line which connects the peaks since early June (not visible on below chart but easy to visualize it).
Now this could become nasty: if Ethereum does not rise above the previous peak, there are two options:
- Either it could stabilize around $250 to $300 which would be a good scenario.
- Or it will continue to set a series of lower highs which would be very bearish.
Whatever happens, as long as Ethereum trades above $200, and, ultimately, above $150, it remains in its long term bull market.