Ethereum price, just like other cryptocurrencies, plunged more than 30% from their all-time highs in September. Many factors have contributed to this spectacular price drop and the reasons vary depending on the Cryptocurrency in question. The outcome, however remains the same: Prices have dropped significantly, questions and doubts are rising as financial media is talking (again) about the Cryptocurrency Bubble.
Ethereum price support levels
Two key support level for Ethereum price are 225 USD and ultimately 155 USD. Given the recent volatility, it would make sense to consider a support area and we see the main support area ranging from 225 USD to 200 USD.
The 200 USD was a level highlighted in our recent publication about Ethereum price and the potential Bullish and Bearish scenarios. 200 USD is also the point at which the price bounced back after more than 40% drop from the recent top.
Should the 200 USD fail to hold in the case of another sharp correction, we might see Ether price drop to the next support at 155.
Ethereum Price Resistance Levels
The main resistance level to watch is 325 USD. If this level is broken, this can signal a bullish move to come. Short term, Ethereum has a resistance area between 250 and 270 USD.
Ethereum price outlook for September 2017
It is still vely likely we see Ethereum price sideway between 200 and 320 USD for the rest of the month. We expect the Ethereum Community to provide some updates around then about the progress of the Metropolis upgrade. This upgrade should increase Ethereum anonymity and the deployment of the Raiden Network.
Obviously, positive news will help Ethereum reclaim its ascending channel, which will happen if Ether trades above 370 USD. Negative or concerning updates might add pressure to Ether price as well as the already pressured cryptocurrency market.
Short term, Ethereum price needs to cross above 320 USD to signal a Bullish move, above 370 USD to reclaim the ascending channel and might struggle to clear the resistance area between 250 and 270 USD in the process.