Ethereum is currently trading at $412.65 following a stunning 11.71% move to the upside over the past 48-hours.
The sector’s second largest asset by market cap needs to close this evening’s daily candle above the $407 mark to confirm a bullish breakout.
Breaking above the $407 level of resistance would see an upside price target begin to emerge at $444.55, which suggests a further 10% rally is on the cards over the coming days.
Ethereum was handed a tremendous boost on Wednesday when it was revealed that payments giant PayPal will implement cryptocurrency functionality within its platform, with Ethereum being included in its initial list of currencies.
PayPal users will eventually be able to spend their cryptocurrency holdings at merchants signed up to PayPal’s services, which would be yet another massive driver for mass adoption.
However, while the narrative is almost certainly more bullish than it has been since early 2019, altcoins like Ethereum may begin to suffer if Bitcoin continues to make a charge towards a new all-time high.
During the 2017 bull market Bitcoin rose exponentially while altcoins sold off, with the latter only recovering when Bitcoin entered a period of consolidation as traders took profits.
In that case, it wouldn’t be unrealistic to suggest that Ethereum could re-test the $390.35 level of support before continuing to the upside.
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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.
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