Ethereum Setting Up Extremely Well
Ethereum is setting up extremely well with enormous potential for a major move higher in the coming months. I've been bullish on Ethereum since early 2021 and have built a position over various points this year. Whereas Bitcoin may currently have more prominence, Ethereum as a technology has much more applications.
So what exactly is Ethereum? Ethereum is a decentralized, open source computing platform that allows for the creation of smart contracts. In other words, whereas in the past you would need a central authority to create a contract between two parties, a smart contract allows a buyer and seller to enter into an agreement with computer code making sure the contract is verified and enforced. In addition. Ethereum also allows for the creation of decentralized applications, or "dapps."
From a technical analysis standpoint, the Ethereum chart is setting up in a huge base just under the $2,000 level. A breakout above a large round number on heavy volume can be very significant, especially if a stock or cryptocurrency has been under that level for a period of months or even years. Should Ethereum break above this critical level, I will be looking to add to my position.
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Full Disclosure: I currently own Bitcoin, Litecoin and Ethereum.
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