This last week of September has been an important one for Ethereum Price and for the Cryptocurrency market. We have seen Ethereum price almost reach the important 325 USD Level. We have also noted the drama surrounding China’s ICO ban followed now by South Korea’s ICO Ban. Today’s article will provide an update on the progress of Ethereum price in the midst of the events shaking the Cryptocurrency market.
In case you’ve missed it, we have previously shared a comparison of the performance of Ethereum price and the performance of Litecoin and Bitcoin. We can’t help but mention again how spectacular Ethereum price performance was in 2017.
We’ve also shared earlier this week our outlook for Ethereum price as the price touched the 300 USD level. We said:
It is to be expected that Ethereum will not break this resistance zone at the first try given the strength of this resistance area ( 300 to 325 USD ) . 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 resistance is broken.
Since our last article, Ether reached an intra-day high of 310.52 USD and didn’t clear the 325 USD area. Let’s take a look at Ethereum price chart to see why we believe Ethereum is still bullish.
A consolidation or a sideways movement within an uptrend is a positive thing. What is Bullish is how the price is holding steady around the resistance line even with the news from China and South Korea now. This is in addition to the Metropolis upgrade Ethereum will be undergoing.
With all of these events happening and the “attacks” aiming at shaking the Cryptocurrency market recently, we believe Ethereum price was holding well. Even with the South Korean ICO ban, the lowest Ether price has dropped was to touch 278.81 USD. This drop is still above the 250 USD level we identified previously so no lower low is recorded for Ethereum price so far.
At the end of the day, unless you are day trading or scalping Ether, investors need to keep in mind the bigger picture. This is particularly important when investing in Cryptocurrencies. They are very volatile and investors need to have a certain tolerance to volatility.
The bigger picture right now, at least as we see it is the following:
- Ethereum Price has increased from 7.98 USD to reach more than 400 USD in June and is currently hovering around 300 USD. At 300 USD, Ethereum is at almost a 3000% increase for the year => The current loss in price is nothing compared to the gain within the last 10 months.
- Ethereum price is under triple pressure:
- Metropolis or the technical upgrade it is undergoing
- The pressure on the Cryptocurrency market from regulators and countries
- ICOs triggering concerns around the globe
Bearing all these events in mind, it is quite impressive to see that Ethereum has only shed a 20% in the last 30 days and managed to increase by 13.30% in the last 10 days. Quite impressive.