Ethereum price could reach USD 500 for the first time since 2018
As the price of Ethereum’s native digital currency, Ether (ETH), recently had record transaction rates, ETH’s price also showed increased volatility.
It reached a new high of $495 at the end of August, after which the price dropped by more than thirty percent to $308.
This breakout caused the general cryptcoin market to slide and the price of Bitcoin to plummet to $10,000.
Let’s take a look at the technical chart to see where the price of ETH, and therefore many other crypt coins, will go.
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Ether holds on to the $300 support level
Ether tried to continue the massive bullish routine with a new break above $440 during the previous weeks. However, as the chart shows, the breakout showed no strength, which triggered a massive sell-off around September 1st.
The crucial support level was found to be $360-380, which could not be maintained after multiple tests. This breakdown led to the next level of support with the price sliding from $360 to $300.
When a breakout occurs, the following resistance and support levels can be derived from the historical price action.
The chart shows these pivots, with $300 being a significant one, although $280 and $245 are also important levels to consider. The previous support level at $360-380 is now clearly defined as a resistance level, which must be broken for the upward momentum to resume.