Latest Ethereum price and analysis (ETH to USD)

Ethereum has continued its barnstorming rally to the upside over the past few days as it continues to take on the $400 level of resistance

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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About Ethereum

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.

More Ethereum news and information

If you want to find out more information about Ethereum or cryptocurrencies in general, then use the search box at the top of this page. Please check the below article:

https://coinrivet.com/ethereum-adopts-erc-1155-as-an-official-standard/

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.

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Disclaimer: This is not financial advice.

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