Ethereum, a rival cryptocurrency to bitcoin that has rallied over 2,700 percent this year, could be due for a correction to the tune of 38 percent, according to one analyst.The cryptocurrency was trading at around $191.78 in the early hours of Friday morning and has been moving within a tight range.This brings ethereum close to a price level which one technical analyst, who looks at historical trading patterns to determine future price moves, said could see a sharp drop in the digital currency.Nicola Duke, an analyst at analysis platform Forex Analytix, said that if ethereum trades below $170, then it could mean the price falls to $140.This would mark a 38.4 percent decline in the price from Wednesday's high of $227 and around a 27 percent fall from Friday's early morning trading price.Ethereum has fallen from Wednesday's high which could mean traders may start taking profits."The fact we have had that wobble yesterday might mean we see some profit taking into the weekend," Duke told CNBC in a phone interview on Friday.

But after falling to $140, which Duke said is a "huge level to buy against", ethereum could rally $100 to $240.This could happen on Tuesday.Duke has so far been correct on her calls on bitcoin.On Thursday, the analyst told CNBC that if bitcoin got close to $2,800 there might be some pullback.The cryptocurrency reached $2791 on Thursday and then declined.It was around $2,571 on Friday morning.Duke said that the bitcoin decline could continue to January before bottoming and then a rally.Investors have been getting interested in alternative cryptocurrencies to bitcoin given that it has seen a huge rally this year.Ethereum is seen as a good alternative and has been backed by major financial institutions and corporations.A group called the Enterprise Ethereum Alliance (EEA) was recently founded to connect large companies to technology vendors in order to work on projects using the blockchain.Companies involved in the launch include JPMorgan, Microsoft, and Intel.On Tuesday, the EEA announced another 86 firms joined the alliance, which is adding growing legitimacy to the cryptocurrency.

A full explanation about ethereum and its appeal can be found here.Daniel Masters, director at Global Advisors Bitcoin Investment Fund (GABI), said that bitcoin is acting as a "gateway" into different digital currencies, which are now becoming more accepted alongside traditional fiat currencies."Some of these currencies are doing a lot better relatively, but the point here is we are moving into this really rich diverse cryptocurrency ecosystem side by side the fiat currency," Masters told CNBC.GABI is an investment fund that is listed on The International Stock Exchange on the Channel Islands.Ethereum has gone up some 15% today, reaching an all-time high of around $62, giving it a market cap of nearly $5.5 billion, around 1/4th of bitcoin’s market cap just one year after the platform was launched.There appears to be a number of reasons for the rise.The Gnosis ICO sale at a $300 million valuation would have undoubtedly brought some attention to the currency.There was a conference in China at Pekin’s University, China’s Harvard, where according to reports Vitalik Buterin, ethereum’s inventor, joked in Chinese.

There’s also some news from Spotify, Google and Microsoft exploring concepts or showcasing eth related blockchain demos, adding some further momentum to the currency and positive sentiment.Then there’s the bitcoin situation which rather than heading towards some sort of resolution seems to instead be getting worse and worse by the day.There, an announcement was made that Bitmain, a bitcoin ASICs manufacturer, could remotely shut-down some 70% of bitcoin’s hashrate.litecoin cpu mining worth itBitmain confirmed the news, further apologizing and stating it was a bug due to unfinished code that had been forgotten, but the wider bitcoin community was split in their reaction between the two political camps of small blockers and big blockers.ethereum posterFor the small blockers, they seemingly saw it as an opportunity to push for a Proof of Work (PoW) hardfork.ethereum poster

Many would see that as outright chaos, thus perhaps scaring some bitcoin investors to run towards eth.For the big blockers they seemingly saw it as a coordinated attack with the aim of smearing Bitmain and the wider big block supporting community, with the two camps descending into the usual name-calling.For those on the sidelines, a look at eth might have seemed like a good idea, which then sort of opens a new world for them.For those who have already left bitcoin for eth, this latest episode probably just re-enforced their decision.peter joseph bitcoinEthtrader, a reddit sub focused on discussion ethereum’s price, trading and general news, currently has 801 active users online, more than bitcoins main sub which currently has around 760 online users.bitcoin vs scryptA clear indication that a shift in focus and attention may be underway.current bitcoin price aud

June 23: Gold and Silver End Slightly Higher on the Week Left wing, right wing, and free markets Silver Market Morning: June 23 2017 - Gold rising above $1,250!Silvercrest drills 7.6 m of 502 g/t AgEq at Las Chispas Abraplata begins 2,000 m drill program at DiablillosBitcoin is on a tear, reaching a new all time high.As of this writing, the price of Bitcoin globally is $1405.04 USD.Previous highs were $1300 and up, but this is the first time in history Bitcoin has pushed above $1400.ethereum pool orgYou can see in the global Bitcoin price chart below that the price has reached a new record.dell bitcoin miningThe market is very bullish right now, although there could be a correction coming.buy bitcoins glasgowTo what high it will reach prior to that is unknown.

Previously we wrote just last week that the price gains may be due in part to a renewed interest in the market after learning the SEC will be reviewing the Winklevoss ETF again.This plus other factors have the market pushing the price much higher.Bitcoin exchanges such as Gemini (which is also managed by the Winklevoss twins) is seeing record trading volume.Bitcoin is now also trading over $100 of the price of Gold, which is the second time in the past month and a half that the price of Bitcoin has surpassed Gold prices.Other exchanges seeing high trading volume beside Gemini are GDAX and Bitfinex.You can see in the two charts below their volumes.GDAX (the Coinbase exchange) volume is skyrocketing, currently handling 15K BTC in bitcoin trades (buys and sells).You can see the chart below by selecting only GDAX on the 7 day chart.Bitfinex volume is also rising very fast, currently handling 16K BTC in bitcoin trades.You can see the chart below by selecting only Bitfinex on the 7 day chart.