Ethereum is leading the way in the cryptocurrency markets this week with a further 10.76% rally over the past 24-hours.
The world’s second largest cryptocurrency is now trading at its highest point since August 2018, which has prompted several analysts to publish bullish forecasts over the coming weeks and months.
At the time of writing it is trading at $428.70 as it attempts to break through the historical level of resistance at $435.
If it can manage to continue its bullish surge to the upside the next key levels are at $485 and $534, but if it begins to trade at those levels it can begin to look towards a new all-time high later this year.
In early 2018 Ethereum rallied to a quite astonishing all-time high of $1,400 on the back of the ICO bubble that saw billion of Dollar poured into the Ethereum blockchain.
When the market matured away from the ICO phase, Ethereum’s value began to fall as expected, with it reaching as low as $82.77 in December 2018.
Following this year’s covid-induced plunge Ethereum has rallied by 328.26% as investors flock to DeFi projects on the its blockchain.
However, with low market cap projects like DeFi it comes with great risks, earlier this week Yam Finance suffered a malfunction that saw the value of its token capitulate, with users potentially losing millions in USD value.
If more of these newly-formed companies begin to fall, the value of Ethereum may suffer with a slump back to the $407 and $366 levels of support potentially being on the cards.
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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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