This Is Why Ethereum's Price Is Still Bullish

Ethereum's price got a lot of attention from cryptocurrency investors and enthusiasts recently. Some of the attention was due to the code upgrades the cryptocurrency will be undergoing to achieve the following goals:

  • Increasing Ethereum’s scalability for faster transaction settlements
  • Increasing Ethereum anonymity and the overall Ethereum network security
  • Changing the way Ether is being mined to a more energy efficient mining by upgrading from Proof of Work to Proof of Stake

And a major part of the attention was due to the way Ethereum's price held its recent gains and remained in an uptrend.

At this point, is there more upside in store for Ethereum price? what does Ethereum price chart indicate? and most important, what are the key price levels investors need to watch? These are the questions we will cover in this article.

Ethereum Price in a strong uptrend according to the price chart

The chart below is a log scale price chart showing Ethereum Price’s performance since inception. It is a truly impressive uptrend especially considering that Ether was trading around $10 at the beginning of 2017. We were expecting the price to possibly backtest its breakout level at $400 but Ether got bought back at the first major price dip and never actually touched the $400 breakout level.

The lowest the price dropped was $550 and that’s the level bulls need to watch. If it breaks down, we might see Ether’s price drop to the bottom of the channel. We really don’t see that happening however, it is a possibility that could invalidate the mid term Bullish outlook. If the price backtests and holds above $550 to $600, it will be a great buying opportunity for a long term hold. To see more upside, Ether needs to cross above the $1000 resistance.

So far, we still maintain a bullish stance on Ethereum price, especially with the recent price performance and the upcoming code upgrades which will increase its intrinsic value. In our bullish long term Ethereum price prediction, we provided the following price targets:

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Nathan Feifel 2 years ago Contributor's comment

What are your thoughts on some of the other players in this index of the cryptocurrency sector? Do NEO, EOS, ADA, etc. pose any legitimate amount of competition to Ethereum and/or its market share?

Victor Osorio 2 years ago Member's comment

As I have thought the strong resistance lies around 1k, and look the support levels at 800,600,400.