Ethereum has experienced a bullish week of price action, surging by more than 17% as it battles with the $3,000 level of resistance.
The world’s second largest cryptocurency was struggling around the $2,500 mark this time last week as the market suffered a lack of volume and momentum.
Now, however, the tide seems to have finally turned with Ethereum hitting its highest price since February 17.
It’s worth noting that the $3,050 region is the point where price rejected at the start of March, a clear break above this level would signal a period of continuation to the upside.
But that would also depend on Bitcoin mounting a continued charge to the upside, with the original cryptocurrency losing pace around the $43,000 level.
A rejection from here for Bitcoin back below $40,000 would signal bullish exhaustion, which would trickle down to all altcoins like Ethereum.
If a rejection comes into fruition, Ethereum is expected to re-test $2,500 before potentially heading lower over the coming weeks, with an ultimate target down at $1,750.
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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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