The Ethereum (ETH) price rallied more than 20 percent over the last week. Today was a great day again, not only for Ethereum but also for other cryptocurrencies. This is good news for investors as it suggests that the coming Metropolis upgrade, which is a fundamentally important event for Ethereum, could be perceived in a positive way.
Just today, Ethereum moved in a range between $280 and $297, a 6 percent swing which is certainly not exceptional (on the contrary even). This picture comes is taken on our sister site EthereumPrice.today which not only tracks the price of Ethereum but also releases Ethereum news.
The research team at EthereumPrice.today published an important insight in their September 2017 update, and this is a quote from that article:
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. Today, Ethereum price has cleared the 270 USD price level so all eyes now on how it will perform as it approaches the 325 USD level.
If Ethereum breaks through the important 325 price level it will send a positive signal to investors and traders. Recently, the Ethereum community has been focused on the deployment and progress of the Byzantium hard fork. So far, the news have been positive and it looks like this is helping maintain a certain level of stability in Ethereum price amid the pressure on the Cryptocurrency market in general.
Why 325 USD in Ethereum is so important
What is next for Ethereum price? A break above 325 USD with continued positive updates on the progress of the Metropolis Upgrade can help Ethereum reclaim its ascending channel. This will happen once it trades above 370 USD.
The 300 USD level could also test how strong this week’s upward move is. As we can see in the below chart, there is a resistance in that area as well. The next 48 hours will be important for Ethereum price’s next move.