Ethereum is currently trading at $2,476 following an impressive 9.31% bounce from its weekend lows of $2,265.
In order for Ethereum to re-establish a bullish posture, it needs to take out the gruelling $2,900 level of resisitance, although this is only likely to happen if Bitcoin makes a clear move above $40,000.
Ethereum remains 43.89% lower than its all-time high $4,400 which occured on May 12. It is still significantly up over the course of the year after it opened 2021 at just below $1,000.
Levels of support for Ethereum are at $2,472, $2,345 and $2,265, while key short term points of resistance are at $2,544 and $2,623.
From a macro perspective, Ethereum and many of the major altcoins appear to be rooted in a dreaded bear market, with a blow off top preceding a heavy drawdown and consolidation at the lows.
If a two-year bear cycle is to come into fruition, Ethereum has downside targets well below $1,000 based on its performance in previous cycles like 2018.
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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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