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
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.