Ethereum has shown signs of a potential resurgence this morning with a 2.95% surge to the upside as it takes aim at the $250 level of resistance.
The world’s second largest cryptocurrency by market cap remains in a bullish posture against its US Dollar and Bitcoin trading pair as it trades above key moving averages.
Notably, the fact that Ethereum is trading above the daily 200MA when the majority of altcoins are treating it as a level of resistance demonstrates how Ethereum has decoupled from similar assets with smaller market caps.
This bodes well if Bitcoin can eventually pick itself back up in the coming months with a move towards $10,500, which could see Ethereum surge back to its yearly high of $290.
When examining Ethereum’s Bitcoin trading pair a more neutral projection comes to fruition, with Ethereum currently battling it out over the 0.026BTC level of resistance, which provided a point of rejection in April.
Breaking above that level would cause an initial rally to 0.028BTC with upside price targets beginning to emerge as high as 0.03BTC.
However, it’s worth noting that while the recent price action has lacked any kind of volatility, a major move to the downside may also be on the cards if Bitcoin suddenly breaks below $8,830 as this would cause a cascade of sells across altcoins and the entire market.
The most likely stopping point for Ethereum in that scenario would be $200, which is also in confluence with the daily 200MA.
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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.
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