Ethereum is currently trading at $4,650 following a decidedly turbulent start to the week across all markets.
All major cryptocurrencies slipped today shortly after the US stock market opened, with the S&P500 also opening up with a 0.36% move to the downside.
Investors will be exhibiting feelings of frustration this morning after what was a very strong few days for digital assets last week.
Bitcoin closed its weekly candle at $65,439, with Ethereum setting an impressive close of $4,632 as they both secured all-time highs.
However, with Bitcoin struggling to gather momentum below $65,000, Ethereum is beginning to look like it may erode last week’s gains with a potential move back to the $4,370 level of support.
A re-test of this level would be bullish for Ethereum in the long-term as it would reset all technical indicators like the relative strength index and MACD.
On a macro scale, Ethereum has formed a series of higher highs and high lows to demonstrate a clear and powerful up-trend. If the cryptocurrency market can continue to show strength into the beginning of 2022, there is no reason why Ethereum couldn’t surge to as high as $7,800 before suffering a correction.
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.