Is this 15% increase the beginning of a new leg upwards for Ether? Is Ethereum about to break to a new all-time high?
The first important level that we want to highlight is the 325 USD that was broken on the 18th. This was a level that we have identified in our Ethereum price outlook for November as the level that needs to be cleared. 325 USD is now going to be a strong support for Ethereum price and if Ethereum crosses above 380 in the next 48 to 36 hours, we might see a new all-time high fairly quickly.
The 380 USD is the top of the triangle annotated in green. Given the chart set up, if that top is broken we might see Ethereum price breakout and make a new all-time high.
If the 380 USD isn’t broken, the price might be back into a lateral movement. For investors, an important aspect to remember is that the Byzantium fork and the news from Devcon 3 are very positive. We will cover those updates in future posts but Ethereum as a technology and a cryptocurrency looks bullish right now, along with some select cryptocurrencies such as Litecoin and Ripple.
Except from the Devcon3 part, our stance on Ethereum remains similar to what we shared in our November outlook for Ether
We favor the Bullish scenario because the tight sideways range we are seeing indicates a big move to come. We expect Devcon 3 to provide a positive Catalyst for Ethereum price. Other than that, we are seeing Ethereum’s adoption growing continuously be it with the addition of 47 new members to the Ethereum Enterprise Allianceor Blockchain Wallet, an established Bitcoin wallet now enabling support for Ethereum.