- The price of Ethereum goes vertical
- Ethereum’s price has doubled since 2020 began
- DeFi markets probably pushing ETH bulls
Ethereum News Today – Ethereum has done well this year. The coin has already doubled in price since 2020 began and yet again it’s the price has started to dominate crypto markets. The coins’ price has reached a new seven month high as ETH it approaches the $300 area. Now, what is driving the price of ETH?
The Price of Ethereum Has Doubled this Year
In a move that is mirroring the May 2019 rally, Ethereum’s chart has gone vertical. ETH price has posted a new seven month high. The level is at $275. The 12% gain for the digital asset on the day has already eclipsed the moves made by bitcoin. Ethereum is now closing on a resistance area and a breakthrough might be the likely move.
This will push the ETH price to $300 quickly because there is just little resistance. Recall that Ether last moved so fast in May 2019 when prices moved from $150 to $260 within one week. This month has seen the ETH price surge by 50%. The digital asset has now doubled since the start of this year. Yesterday’s report that JPMorgan will enter a partnership with the Ethereum Blockchain backed ConsenSys has been bullish for ETH as it outperforms the entire market by a mile.
How Ethereum’s Fundamentals Look
Dave the wave’ a popular crypto analyst has been looking at retracement points for a possible buy position before another move higher. He has noted the possibility of ETH price hitting last year’s high of $350 before pulling back. Apart from the JPM announcement from yesterday, the DeFi markets have been driving Ethereum’s momentum. Banks require such technology and interest rates are becoming negative which has forced tech-savvy investors to turn their attention elsewhere. The rates offered by Dai Savings and other DeFi options offer rates that are a hundred times better than what banks offer with little risk.
After a two-year bear market, the price of Ethereum had reached an oversold level, wallowing under what they were in the mid-2017s. Weak hands have left and ICO war chests have been liquidated making the ETH coin a very good buy at the current prices. Consequently, a price rally will initiate and push prices to break the $200 barrier and start moving towards $300. The next big resistant point for the price of ETH is the $400 level which has served as a strong support/resistance in the previous market cycles.
The PoS (Proof of Stake) protocol is still far from completion for the platform. It is expected to drive prices higher as it opens more ways for users to make money from the decentralized financial sector.