Ethereum is currently trading at $4,550 as it finally begins to de-couple from its defiant Bitcoin trading pair.
The industry’s second-largest asset by market cap appears to be bullish on all time frames having brushed aside the weekend’s slump to below $4,000 with ease.
It was making solid ground towards its all-time high of $4,860 earlier today before Moderna shook global markets with fears about vaccine efficacy for the new Covid-19 variant.
Nasdaq fell by 2% while the FTSE 100 eroded much of its gains from Monday.
This sent shockwaves across the cryptocurrency market as well, with Bitcoin falling dramatically from $59,000 to $56,000 before finding some support.
From a technical perspective, $4,530 remains a key level of support for Ethereum in the short-term, as well as $4,370. However, attention this week is firmly on the ETH/BTC chart.
At the time of writing, Ethereum was trading at 0.0801BTC. If it can break out above 0.0825BTC before the end of the week, it will likely enter a period of parabolic extension that could see it return to the dizzying heights of 2017 and 2018.
Ethereum’s all-time high against Bitcoin is 0.155, which would value it at around $8,800 using today’s Bitcoin price.
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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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