Ethereum is making a serious move to re-test the $4,000 level of resistance following a sensational 35.96% push to the upside since the start of the month.
The world’s second-largest cryptocurrency has regained a bullish posture on all timeframes after breaking out of September’s downtrend, which saw it slump from $4,000 to as low as $2,500.
If Ethereum can break the psychological level at $4,000 before the month is over, it will likely drive towards a new all-time high above $4,400 before the end of the year.
ETHUSD chart by TradingView
Daily trade volume has increased by 20.34% to $19 billion as speculators rush to altcoins following a period of Bitcoin dominance over the past fortnight.
Ethereum’s future price action will also depend on the direction of Bitcoin. If the industry’s largest asset can surge above $60,000 with eyes on a new record high, capital will likely rotate back into projects like Ethereum, Cardano, and Solana as the market heats up.
However, if Bitcoin is dealt a bitter rejection from the $58,500 level as it did on February 21, the likes of Ethereum will slip back into a period of consolidation as the market ponders whether cryptocurrency is still in a bull market, or if it’s in a gruelling bull trap.
For more news, guides and cryptocurrency analysis, click here.
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:
Ethereum adopts ERC-1155 as an official standard
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: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.