Ethereum is currently consolidating in a bullish zone above $1,000 after printing a new yearly high of $1,175 on Monday.
Vitalik Buterin’s smart contract platform has also rallied significantly against its BTC trading pair, with it rising back to the 0.035BTC level of resistance yesterday.
Whilst Ethereum remains bullish on all higher time frames, it seems to be on the brink of a short-term pullback following a volatile period of price action that has seen it trade within a $200 range.
The four-hour RSI and MACD indicate that a sell-off to the $971 region may be on the cards in the coming days, although Ethereum’s upcoming trajectory depends on whether Bitcoin can surge back to test its $35,000 all-time high.
If Ethereum can recover and form a new yearly high above $1,175, it would create a scenario in which a new all-time high would be achievable before the end of the month.
The Chicago Mercantile Exchange will list Ethereum futures on February 8, which is expected to drive liquidity as well as exposure to institutional investors and traders.
However, it’s worth noting that while institutional inflow into cryptocurrency is seemingly higher than it’s ever been, the Ethereum network is struggling with demand with transaction prices skyrocketing to up to $50 per transaction.
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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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