Ethereum’s price had a massive retracement as of mid June that lasted until the end of July. The 1st week of August was an important one for the price of Ethereum and other Cryptocurrencies. Most Cryptocurrencies recovered since and Ethereum’s price increased 30% in just 7 days.

After providing our readers with the confirmation that Ethereum’s price is breaking out, we shared our monthly recap of its price action in July. Today we provide price levels that investors consider important for Ethereum to respect its uptrend.

Ethereum price resistance level

By far the most important price level when it comes to Ethereum price resistance is $325. If you were following the Coinbase Crash news from June, you probably remember some lucky traders were able to pick up some Ethereum at 10 cents. We actually covered what happened then in our June review. InvestingHaven also covered this and published an article explaining the incident and repercussions as well.
The first top following the crash was $325 and that makes it a level traders must be watching. If Ethereum price successfully breaks out of that level, it will likely signal the next leg up.

Ethereum price support levels

Ethereum can possibly back test the $250 level and the uptrend will still be intact. The chart below illustrates the levels discussed today.

Although our perspective remains Bullish and our forecast of higher prices remains valid, it is important for Ethereum to maintain it’s current upward momentum. Bitcoin has reached new all time highs following the fork earlier this week which wasn’t the case for Ethereum so far. That’s why it will be crucial for Ethereum to continue trending up so we don’t end up in a succession of lower tops.

ethereum price support resistance August

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