Ethereum continues to consolidate in the $2,450 region on Thursday as it heads into an uncertain weekend of price action.
The world’s second-largest cryptocurrency is more than 50% down from its November high as investors begin to move into cash positions across all asset classes.
The $2,300 level remains a key level of support in the short-term, although based on price action over the past week it wouldn’t be a surprise to see Ethereum re-test $2,000 and $1,750 before the end of next month.
As it stands, Ethereum is in a dreadful downtrend across all time-frames as traders begin to anticipate a gruelling bear market.
The Dollar index (DXY) rose to an 18-month high today to mark an increase of 8.8% over the past 12 months.
As the majority of cryptocurrencies are traded against the Dollar, further downside is expected if USD can take out the 97.6 level of resistance.
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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