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.
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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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