Ethereum is currently trading back above the crucial $2,000 level of support as it takes aim at a weekend record high above $2,158.
The world’s second largest cryptocurrency has risen by more than 175% since the turn of the year and a staggering 1,156% in the past 12 months.
It has recently benefited from a period of sideways consolidation in the price of Bitcoin, which has led to market-wide rallies across the majority of altcoins like Ethereum, Litecoin and Bitcoin Cash.
In the immediate future, Coinbase’s upcoming direct listing on Nasdaq next week is expected the be a positive step forwards for the entire industry, although it’s worth noting that traders may look to “sell the news” over an event of this nature.
If hype and optimism can be sustained until next Wednesday’s listing, Ethereum is being predicted to form a new all-time high this weekend with aggressive upside price targets coming in at around $2,275.
However, if the wider market begins to correct, the correlation in assets would see Ethereum slump back below $2,000 to test the prior low of $1,933, with another potential target at $1,850.
Ethereum has been bolstered this year by a surge in popularity surrounding DeFi protocols, most of which are based on Ethereum’s blockchain.
For more news, guides and cryptocurrency analysis, click here.
About Ethereum
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.
More Ethereum news and information
If you want to find out more information about Ethereum or cryptocurrencies in general, then use the search box at the top of this page. Please check the below article:
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
You may be interested in our range of cryptocurrency guides along with the latest cryptocurrency news.
Disclaimer: This is not financial advice.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.