The Ethereum (ETH) 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 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 USD towards the beginning of 2017. We were expecting the price to possibly back test its breakout level at 400 USD but Ether got bought back at the first major price dip and never actually touched the 400 USD breakout level.
The lowest the price dropped was 550 USD 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 USD, it will be a great buy opportunity for a log term hold. To see more upside, Ether needs to cross above the 1000 USD 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:
We see the following Ethereum price predictions in the coming years:
2710 USD by the end of 2019
4000 USD in 2020
Note also that the price might get a boost from the transition to a proof of stake mining process as there is a requirement to hold a certain amount of Ethereum to be able to mine Ethereum.