Ethereum is currently trading at $4,550 as it finally begins to de-couple from its defiant Bitcoin trading pair.
The industry’s second-largest asset by market cap appears to be bullish on all time frames having brushed aside the weekend’s slump to below $4,000 with ease.
It was making solid ground towards its all-time high of $4,860 earlier today before Moderna shook global markets with fears about vaccine efficacy for the new Covid-19 variant.
Nasdaq fell by 2% while the FTSE 100 eroded much of its gains from Monday.
This sent shockwaves across the cryptocurrency market as well, with Bitcoin falling dramatically from $59,000 to $56,000 before finding some support.
From a technical perspective, $4,530 remains a key level of support for Ethereum in the short-term, as well as $4,370. However, attention this week is firmly on the ETH/BTC chart.
At the time of writing, Ethereum was trading at 0.0801BTC. If it can break out above 0.0825BTC before the end of the week, it will likely enter a period of parabolic extension that could see it return to the dizzying heights of 2017 and 2018.
Ethereum’s all-time high against Bitcoin is 0.155, which would value it at around $8,800 using today’s Bitcoin price.
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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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.