Ethereum is currently reeling from a fresh sell-off following a third consecutive failure to achieve a high above $1,450.
The world’s second largest cryptocurrency is trading at $1,280 at the time of writing after bouncing off the $1,250 level of support.
However, against the Dollar it needs to continue its recent uptrend to avoid forming a lower high. Thus far it has printed three consecutive higher highs and higher lows, indicating the strength of the recent move.
Much of its upcoming trajectory will depend on the direction of Bitcoin. If BTC begins to slump back below the $30,000 level of support it would cause a cascading effect on altcoins including Ethereum.
From a technical perspective, Ethereum remains bullish on all higher time frames despite the slump this week. Upside targets remain above the all-time high of $1,450 at $1,600 and $2,000, although this would depend on Bitcoin moving back up towards $40,000.
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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