Ethereum continues to demonstrate a bullish trajectory following a staggering 65.78% rally to the upside over the past three weeks.
Spurred by the rise in popularity of DeFi projects, Ethereum has re-emerged as an industry-leading smart contracts provider, with companies often opting to launch new tokens on the Ethereum blockchain.
As a result, interest in Ethereum from both institutional and retail investors has risen significantly with daily trade volume hitting a 10-week high of $20 billion on August 2.
At the time of writing Ethereum is trading at $391 following a failed attempt at breaking above the critical level of resistance at $400.
While the rejection from $400 can be perceived as being bearish, the fact that Ethereum is continuing to trade above 2019’s high of $367 indicates just how strong this rally is from a macro perspective.
If Ethereum can begin to close daily and weekly candles above the $440 region it would almost certainly trigger bullish continuation to the upside, with potential price targets emerging at $515 and $624.
This would have a profound impact on the rest of the cryptocurrency markets as it would likely drag Bitcoin, which is currently trading at $11,720, up along with it.
When analysing the ETH/BTC trading pair it is clear to see that Ethereum has spearheaded this recent rally in terms of USD value, with the world’s second largest cryptocurrency by market cap making a 96.9% gain against Bitcoin since the turn of the year.
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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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