Ethereum has demonstrated a period of bullish continuation following its break out against its Bitcoin trading pair last week, with it rising by 4.28% in the past 48-hours.
The world’s second largest cryptocurrency is now up against a number of crucial level resistance against both Bitcoin and the US Dollar.
Against Bitcoin it is currently trading at 0.026BTC, which was a point of rejection on three occasions in the fourth week in April.
In terms of its USD trading pair, Ethereum is on its way to re-testing the psychological level of resistance at $250, which has suppressed price action on numerous occasions since May 30.
Breaking above either of these levels would indicate that Ethereum may lead the way in terms of a cryptocurrency bull market ahead of its highly-anticipated 2.0 upgrade later this month.
The upgrade, as mentioned by MyEtherWallet’s founder and CEO yesterday, will help solve issues of scalability and security while retaining the project’s vision outlined in its whitepaper five years ago.
Moving back to Ethereum’s chart, a measured move from the recent break of the symmetrical triangle could take it back to a 12-month high of 0.0308BTC, which would equate to $284 if Bitcoin continues to remain stable.
Much of the upcoming price action will depend on how soon and how much Bitcoin can lift itself out of this stagnant period, which has been the least volatile since October 2018.
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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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