After an initial drop in Ethereum price from 400 to 200 USD early September, the price held around 300 USD for the rest of the month. We consider this a fairly decent performance considering the pressure on the Cryptocurrency market and Ethereum’s upgrade set to start with the Byzantium hard fork.
Today, we will be providing our readers with Ethereum price levels to watch in October 2017 based on charts. Readers and investors need to keep in mind that we might see some sharp price movements this month as there are many events that might impact the Cryptocurrency market in general in addition to some that are specific to Ethereum.
Ethereum price support levels
From the chart above, we’ve identified 250 USD and 200 USD as key support levels for Ethereum price. Ethereum trading above 200 USD keeps it in the Bullish area. 200 USD was an important support during the difficult month of July 2017 and 250 USD acted as a strong support in September for Ethereum price. 250 USD was also a major resistance zone in July.
In case of a price Crash, 150 USD is another important support level.
Ethereum price resistance levels
The main resistance for investors and traders to watch in October is 325$. Above that Ethereum will probably retest the 400 USD level. The 400 USD is the ultimate resistance for Ethereum price to break.
Ethereum Price Outlook for October 2017
Back to our chart and we notice the following:
- Ethereum price started a consolidation in mid September with a series of higher lows.
- September’s consolidation zone is longer than August’s consolidation right before Ethereum rose to 400 USD.
- Sptember’s consolidation is in the 280 to 300 USD range whereas August’s consolidation was in the 300 to 325 USD.
- September’s flash crash had a low of 200. August’s flash crash had a low of 133. This indicates that buyers are stepping in at higher prices and shows the value they see in Ethereum and indicationg that Ethereum is maturing as a Cryptocurrency.
This chart setup leads us to believe that if Ethereum price breaks the 325 USD level, it will signal the start of a new leg up similar to the price action from August. The upward move in Ethereum price has to be a strong one supported by a fundamentally strong catalyst for the price to be able to “touch” or even “break” the 400 USD level. Otherwise, it will be another lower high for a triple top.
On the other hand, if Ethereum price falls bellow 270 USD and we might see it re-visit the 250 and ultimately the 200 USD level. So far, the price is consolidating around 300 USD and could easily break that resistance on positive updates regarding Ethereum’s upgrade or even a Bitcoin rally that should give a positive boost to the whole Cryptocurrency market.
One thing is for sure, the next move in Ethereum price will be a sharp one, be it to the upside or downside. We favor the bullish scenario from the chart setup and September’s consolidation amid the pressure on the Cryptocurrency market and the upcoming upgrade. We also predict many positive catalysts to come in the month of October for Ethereum and Cryptocurrencies. We will be sharing more info on these events this week.