Ethereum is moving into the weekend in surprisingly good shape, after rallying by more than 20% over the past 24-hours.
At the time of writing, Ethereum is trading above the $145 level of resistance after breaking out in the early hours of this morning.
An upside price target of $182 is beginning to emerge as it also coincides with the 200 EMA on the four hour chart.
Remarkably, Ethereum is now 45% up since the gruelling sell-off that ravaged the cryptocurrency markets last week.
However, it is worth noting that the stock market has also shown signs of recovery this morning, with the FTSE100 surging by 3% after falling to a nine year low.
The weekly candle close will be key for Ethereum on Sunday, with all eyes monitoring to see whether it can close in a bullish posture moving into the rest of the month.
Much of the upcoming price action will depend on the direction of Bitcoin, which is commonly considered as a market leader in terms of price discovery due to a higher level of liquidity.
Bitcoin will undergo a block reward halving in less than two months, an event that has historically been bullish for the entire cryptocurrency ecosystem, as supply from miners begins to dry up.
Altcoins, like Ethereum, typically perform well in days when Bitcoin is consolidating after a rally. This is as a result of traders taking profits on Bitcoin positions before diversifying their portfolio into more speculative assets.
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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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