Ethereum is currently trading at $4,650 following a decidedly turbulent start to the week across all markets.
All major cryptocurrencies slipped today shortly after the US stock market opened, with the S&P500 also opening up with a 0.36% move to the downside.
Investors will be exhibiting feelings of frustration this morning after what was a very strong few days for digital assets last week.
Bitcoin closed its weekly candle at $65,439, with Ethereum setting an impressive close of $4,632 as they both secured all-time highs.
However, with Bitcoin struggling to gather momentum below $65,000, Ethereum is beginning to look like it may erode last week’s gains with a potential move back to the $4,370 level of support.
A re-test of this level would be bullish for Ethereum in the long-term as it would reset all technical indicators like the relative strength index and MACD.
On a macro scale, Ethereum has formed a series of higher highs and high lows to demonstrate a clear and powerful up-trend. If the cryptocurrency market can continue to show strength into the beginning of 2022, there is no reason why Ethereum couldn’t surge to as high as $7,800 before suffering a correction.
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About Ethereum
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.
More Ethereum news and information
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As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.