Following a decidedly low volume weekend of price action Ethereum has continued to climb back towards the $219 level of resistance as it seeks a long-awaited breakout.
The world’s second largest cryptocurrency, which has a market cap of more than $23 billion, has rallied against both its USD and BTC trading pairs over the past 24-hours.
Against the Dollar it is 4.04% up while it has risen 3.22% against Bitcoin after a confident bounce from the 0.0205BTC level of support.
It’s worth noting that Ethereum has now made four consecutive higher lows against Bitcoin since September 2019 to suggest that a bullish reversal may be on the cards.
A potential target has emerged at 0.028BTC as this was the high in February but it also heavily depends on the trajectory of Bitcoin over the coming weeks.
As extensively reported on by Coin Rivet, Bitcoin underwent a block reward halving last week with analysts tipping it to be the catalyst for a cryptocurrency bull market.
Bitcoin did respond as predicted with a rally towards the $10,000 level of resistance, although it has since suffered numerous sell-offs to around $9,000.
If Bitcoin breaks above $10,000 it could trigger a period of FOMO among investors, which would subsequently see altcoins like Ethereum fall by the wayside as focus switches back to Bitcoin.
If that is the case Ethereum will need to continue trading above the $200 level of support if it is to remain in a bullish posture.
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Ethereum was launched by Vitalik Buterin on July 30 2015. He was a researcher and programmer working on Bitcoin Magazine and he initially wrote a whitepaper in 2013 describing Ethereum.
Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy-in to his proposal.
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