Ethereum has come a long way and is about to break the $300 USD mark again as it rallies back towards its all time high of nearly $400 USD. This all comes on the heels of new Chinese regulations regarding cryptocurrencies.
Ethereum took a bad dip on Friday September 15th following China’s regulatory announcement falling to just under $200 USD but has rallied back in a few days to nearly $300 and has it’s sites on $450 USD in the coming weeks.
Driving up the price of Ethereum is a new version of the Geth node software that was released Friday. This update includes protocol changes for its upcoming hard fork. Ethereum is also scheduled to receive its Byzantium upgrade within a month. Also noteworthy is the prediction made by Vitalik Buterin that etherium will be able to surpass Visa and Mastercard’s processing capabilities within the coming years.
"Bitcoin is processing a bit less than three transactions per second ... Ethereum is doing five a second. Uber gives 12 rides a second. It will take a couple of years for the blockchain to replace Visa."
By studying the charts it is highly likely that we will see a bearish to bullish trend change with Ethereum.
In Ethereum's case, a bullish falling channel breakout can be observed, though it still needs to break above the 50-day moving average level of $300 USD – in which case, prices could test $345–$350 USD levels (resistance being offered by the trend line sloping upwards from the July 16 low and July 29 low]. On the downside, only a break below $198 USD would revive the bearish view and shall open doors for a sell-off to falling channel support of $170-160 USD.