Ethereum is approaching the psychological level of resistance at $200 after rallying by 10.16% over the past five days.
Breaking out above $200 would indicate a period of continuation to the upside, with $212 emerging as a potential target as it was a level of support in February.
The recent recovery can be attributed to a number of fundamental and technical factors, the first of which being the relative recovery of global stock markets as economic fears surrounding coronavirus begin to subside.
However, for the past 18 months it has been consolidating below the $350 level of resistance, printing consecutive lower highs in the process.
In order for Ethereum to take the bull by the horns in a macro sense it needs to break above key levels of resistance at $290, $350 and $487.
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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