Prices for the Etherium are at a key support level, the breakdown of which could lead to a new downtrend.
The etherium rests at the level of key support
Prices for the Efirium stopped next to the key support level at 0.06626 BTC. A few days ago, ETH again tested this level when prices reached 0.06643 BTC, before rising higher. However, the jump was short-term and at the moment the price is very close to the minima at 0.06763 BTC.
Support at 0.0626 BTC has been repeatedly tested and remains the key level in the future. Breakdown of this important support may be the beginning of a new downtrend in the pair ETH / BTC. On the other hand, there is a local maximum of 0.07750 BTC. A breakdown higher in this case may lead to a new rally.
The prices that have stopped at the moment at the support level look pessimistic for bulls. But hope is not lost yet. The Byzantium protocol update was thoroughly reprogrammed and should be activated on the 4,370,000 block. According to current forecasts, this will happen on October 17. If everything goes according to plan, the update should improve the speed and security of the network, and also have a positive impact on the price of ETH. On weekly charts, the ETH / BTC pair is still jammed in the range. On monthly charts there is still a bullish trend.