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.
JPMorgan + ConsenSys
US banking giant JP Morgan are in talks to merge its Quorum blockchain division with Ethereum solutions startup ConsenSys according to a recent Reuters exclusive.
The banking behemoth built the Quorum blockchain internally using the Ethereum network, so the merger makes a lot of sense. It is being used by JPMorgan to run the Interbank Information Network, a payments network that involves more than 300 banks.
No further details have been provided but the move could be massive for Ethereum, especially if the bank starts investing into the ecosystem.
ConsenSys has recently laid off 14% of its staff as it restructures and it remains to be seen if JPM staff will join the blockchain firm.
Further reports state that the firm is launching a ‘Proof-of-Use’ network to support Ethereum projects and discourage speculation. Activate is part of ConsenSys Codefi, an Ethereum-based operating system for decentralized finance (DeFi) products.
The developments are all good news for ETH prices which are going strong today and have a lot further to go.
Will Ethereum hit $400 or higher this year? Add your comments below.