The crypto correction did not last long and markets are pumping again today. Ethereum is leading the way following a big boost from JP Morgan which is poised to partner with ConsenSys.
Crypto markets are resuming their upward momentum today as bitcoin taps a new high for the year of $10,300.
The move has been impressive but it is Ethereum leading the charge today with a monumental 14% surge to hit a seven month high.
Ethereum Surges to 7 Month High
Ethereum prices fell to just below $220 yesterday as the pullback reached its floor. In the hours that have followed the second most popular crypto asset on the planet has surged to a new high of $248 according to Tradingview.com.
The 14% price pump has outperformed pretty much every other high cap crypto asset with the exception of Tezos which is still surging and Chainlink which has hit a new all-time high.
If Ethereum bulls can keep the momentum going, which is looking likely at the moment, the next resistance zone is around $270. From there it is a free ride all the way up into the $300 zone.
Longer term prospects are closer to $400 which has served as heavy support/resistance in the past.
Ethereum is still way down from its all-time high which makes these levels a more attractive buy in, especially since fundamentals keep strengthening.
Longer term targets are around the $800 zone which also provided support and resistance areas during the 2017/18 rally. Today’s price movements are insignificant when looking at historical ETH pumps, but those were largely ICO driven.