Ethereum remains in a bullish posture on both lower and higher time frames having bounced by 3.73% off the $700 level of resistance flipped support.
The second largest cryptocurrency by market cap has even made ground against Bitcoin over the last few days, with the ETH/BTC trading pair surging by 16.35% as Bitcoin profits begin to cycle back into altcoins.
However, it’s worth noting that $750 has become a pivotal level of resistance, with a breakout above that level allowing price targets above $820 to emerge.
Much of its trajectory over the coming weeks will depend on if Bitcoin can continue to consolidate above $25,000 after substantially breaking its previous $20,000 all-time high earlier this month.
Even in 2017 when it formed the previous high, Bitcoin suffered multiple corrections of up to 30% and remained bullish.
With that in mind, it wouldn’t be unlikely to see Bitcoin slump back to $25,000 before the end of the week, which at its current ratio would send Ethereum to $670.
Sentiment around altcoins in general have taken a significant hit this week in light of the SEC lawsuit surrounding XRP, which has seen its value crash from $0.784 to below $0.22.
While news like this may cause short-term pullbacks, Ethereum remains entirely bullish from a macro perspective, with it being expected to surge beyond $1,000 in Q1 of 2021.
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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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