Ethereum is experiencing a period of bullish continuation to the upside after forming a new all-time high of $1,567 yesterday evening.
The industry’s second largest asset by market cap is currently consolidating in the $1,535 region as it take aim at the psychological level of resistance at $2,000 over the coming week.
When comparing Ethereum’s chart to Bitcoin, the potential upside targets become amplified if Ethereum is to follow Bitcoin’s trajectory.
When Bitcoin broke it’s all-time high of $20,000 in December, it went on to rally by 123% as it touched $42,000.
Ethereum, meanwhile, has only just broken its all-time high. If it rallies by more than 100% from here it can expect a $3,000 valuation before the end of March.
Asset manager Grayscale also added 24,796 Ether to its holdings on Tuesday, marking its first purchase since early December as investors speculate over continued investment in the near future.
However, it’s worth noting that Ethereum futures will be listed on the CME on February 8. While many consider this to be a bullish event, it gives institutional traders the chance to short a relatively illiquid asset that has just made a parabolic advance to the upside.
In December, 2017, Bitcoin secured a futures listing on the CME but price sensationally fell by more than 50%, marking the top of the 2017 bull market.
If this is the case for Ethereum, we can expect downside price targets of $1,430 and $1,350 to be hit before deciding whether a reversal is in play.
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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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