Ethereum is currently trading at $1,629 following a rollercoaster week of price action that has seen it fluctuate within a $400 range.
The week began with a dramatic 30% move to the downside after failing to establish a level of support above its all-time high of $2,000.
In the immediate future $1,695 remains a key level of resistance to the upside, as this was a prior point of rejection earlier this month.
The slump in price coincided with a crash in the price of Bitcoin, which fell from $58,500 to as low as $45,000 before finding some bullish support.
The trajectory over the coming weeks and months is delicately poised, with the industry currently being subject to a period of increased institutional adoption.
Ethereum futures was listed on CME earlier this month, with trade volume over the past 24 hours exceeding $100 million.
There has also been a rising trend of interest in DeFi lending products, most of which are based on Ethereum’s blockchain.
However, it’s worth noting that cryptocurrencies are extremely volatile by nature, and if Ethereum’s $1,350 level of support breaks, it will likely go on to test $1,000 before the end of the month.
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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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