Breaking above $250 would be a notable demonstration of strength in both the short and long term as it was a point of rejection before the sell-off in March as well as throughout June.
A measured move for the breakout would take Ethereum to at least 0.0308BTC, which would be the highest point its traded at in more than 12 months.
If Bitcoin can remain in its relatively stable range between $9,000 and $10,000 Ethereum will likely move back towards the crucial level of $300, which has been an important level of support and resistance dating back to 2017.
However, it’s worth noting that while Ethereum presents one of the most bullish charts at present, the potential impact of a covid-19 second wave could have a dramatic impact on the cryptocurrency market.
The economic impact of covid-19 caused one of the most severe sell-offs in the history of digital assets in March, so while there is certainly a case to be bullish, traders should proceed with caution as volatility is expected to return in the coming weeks.
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.
More Ethereum news and information
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: This is not financial advice.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.