Ethereum has continued to consolidate in a bullish region following a staggering 84.38% rally over the past month.
The world’s second largest cryptocurrency is currently trading at $428.90, which is its highest point since August 2018.
Much of the recent rally has been attributed to the rise is popularity of DeFi projects like Yearn Finance and Chainlink, both of which are based on the Ethereum blockchain.
Decentralised exchanges like Uniswap also drive up volume on the Ethereum blockchain, thus providing another use case for platform.
This has, as previously reported by Coin Rivet, caused Ethereum transaction prices to soar which in itself has the potential to be impactful to price action.
Due to the volatile price movements in a bull market, traders and investors often flip different coins. This become increasingly difficult when transaction fees and duration are high.
This is why the recent price hikes in terms of Ethereum have been more severe, as the lack of scalable transactions means investors will resort to pouring fiat currencies into investments instead of waiting for confirmations on the blockchain.
From a technical perspective, as long as Ethereum trades above the $405 level of support it remains in a bullish formation on both lower and higher time frames.
If it can break above $455 in the coming days it could well experience bullish continuation to as high as $513.
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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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