Ethereum price was mainly moving sideways in October 2017 with the exception of a spike in price prior to the Byzantium fork and the Ethereum price retrace that followed. The price was mostly bouncing between the 280 and 312 USD level. For Cryptocurrencies in general and Ethereum price in particular, this is a pretty tight range.
Our article today will cover Ethereum price Outlook for November 2017 and price levels investors need to watch.
Ethereum price support levels November 2017
With the recent price action, Ethereum has now a good support in the 280 USD level. The next support is at 240 and if it doesn’t hold, 200 USD. We don’t expect to see Ethereum at 200 USD anytime soon though because if anything, October’s price action showed that at 280 USD, buyers keep showing up and pushing the price back up.
Ethereum price resistance levels November 2017
We maintain the 325 USD as the first important resistance level for Ethereum price to break. We also identified the 360 to 370 USD as an important resistance area that investors and traders need to watch. 400 USD remains the ultimate barrier for Ethereum price to break in order to achieve a new All-time highs.
Ethereum Price Outlook for November 2017
There are two possible scenarios for Ethereum price in November 2017:
Sideways price action for Ether price, especially if the price fails to break the 325 USD resistance and falls below the bottom of the ascending channel annotated in Blue. if that is the case, the price will move sideways in the purple channel.
A bullish scenario for Ether price if the price crosses to the upper half of the ascending Blue channel. A break above the dotted blue line and the green line means the price might be setting up to reach new all time highs.
An important factor will be Bitcoin’s price performance now that a new all time high of 6300 USD for Bitcoin has been reached on the 29th of October. A retrace in Bitcoin price could mean profit taking and capital flowing into Ethereum and Litecoin. A Bitcoin price crash will negatively impact the whole sector.
Another major factor is Devcon 3 and the outline for Ethereum in 2018. Any positive catalysts will be helping the price move upwards. A lack of interesting updates on the progress of scaling and enhancing Ethereum might result in a price action similar to Ripple’s after SWELL. No catalyst from SWELL led to a sharp retrace in Ripple price.
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 Alliance or Blockchain Wallet, an established Bitcoin wallet now enabling support for Ethereum.