Ethereum continues to remain under the control of an apparent cryptocurrency bull market as it moves into the weekend 25% higher than it was last week.
At the time of writing, Ethereum was trading back above the $270 level as it takes aim at the $276 level of resistance.
The recent rally has seen ETH trade at its highest point since July 2019, which came one week after its yearly high of $365.
A clear breakout above $276 over the weekend would open the metaphorical floodgates ahead of a major move to the upside, with price targets remaining at $293 and $335.
The fact that Ethereum has shown more strength than Bitcoin this week – particularly in light of Bitcoin’s upcoming halving – demonstrates how strong the altcoin ecosystem may be as it moves into another bull market.
In 2017 it was commonplace to see the more volatile altcoins surge by up to 3,000%, with Ethereum rising from $7 to $1,420 in 12-months.
However, altcoins that often find themselves the recipient of a tremendous rally to the upside also face the risk of a daunting descent to the downside due to the lack of liquidity compared to Bitcoin.
That is why even though an altcoin chart may look bullish, the best course of action is to take precaution as they are often far more unpredictable.
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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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