Ethereum remains in a bullish posture moving into the rest of the week, despite suffering a 6% slump following Sunday’s weekly candle close.
It traded all the way down to $216 before finding a bounce that lifted it back above the crucial $220 level of support.
The world’s second-largest cryptocurrency hasn’t traded above the $220 level since August 2019, with it also providing support during the latter stages of the 2018 bear market.
If Monday’s daily candle can close above $220 it would indicate that Ethereum is lining up a tremendous move to the upside, with targets coming in at around $248 and $271.
A clear break above 2019’s yearly high of $364 will also present an opportunity for Ethereum to rally significantly as Bitcoin’s halving event edges closer.
The Bitcoin halving will see block rewards for miners slashed from 12.5 BTC per block to just 6.25, which has historically seen supply dry up amid mounting demand.
A Bitcoin bull market would undoubtedly trickle across to a number of the top altcoins including Ethereum and Litecoin, as it did in 2017.
Bitcoin surged to an impressive all-time high of $20,000 on December 14, 2017, while Ethereum rallied one month later as profits began to diversify from Bitcoin towards more volatile assets.
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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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