Ethereum continues to assert a bullish bias following its spectacular breakout above the $219 level of resistance on Friday.
It is now up against the $247 level, which was the high before the dramatic sell-off in March as a result of the coronavirus pandemic.
If Ethereum can close a daily or weekly candle above $247 it would confirm bullish continuation to the upside, with targets beginning to re-emerge at $284 and $301.
Breaking above either of these would be a huge step in reinforcing the narrative of a cryptocurrency bull market in 2020 as it would mark the first lower high since June, 2019.
However, much of the upcoming price action will also depend on Bitcoin, which once again failed to establish a level of support above $10,000 yesterday afternoon as it plunged by more than 20% in a matter of minutes before bouncing back to around $9,500.
It’s worth noting that Ethereum has performed well against Bitcoin over the past two weeks as it has rallied from 0.02BTC to 0.025 to mark a 25% gain.
It now needs to break above 0.0263 and 0.0284 if it wants to stand a chance of making up more ground against the world’s largest cryptocurrency before the end of the year.
If it can get to around 0.03 it would indicate a clear change in behaviour from traders and investors who may now been seeking more speculative trades as Bitcoin continues to consolidate, which would pave the way for the highly-anticipated ‘altcoin season’.
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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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