- Ethereum price stabilizes above $400
- Ether price is fluctuating widely despite strong fundamentals
- Week-to-date ETH/USD has been in a firm uptrend
Ethereum News Today – the price of Ethereum is currently fluctuating by wide margins. This is the case despite the network’s recent strong fundamentals. But, it isn’t an indication that the bulls are now weak. Ether buyers have continued pressing the pedal. The result of this move is a strong performance for the ETH token driven by stronger fundamental events on the network.
The rise of DeFi (decentralized finance), the rising tokenization of Bitcoin, and the new concepts that are experimented on the Ethereum Blockchain explain the high transaction count and fees. An example is the rise of Uniswap exchange to one of the leading decentralized exchanges. Uniswap jas drawn in the highest trade volume incentivizing market maker participation. Per earlier reports, Uniswap generated more than half of the total transaction fees on Bitcoin.
Are the Ether Bulls Exhausted?
Week-to-date, Ethereum’s price has been solid. It has maintained a firm uptrend during this period. Coin trackers indicate that the digital asset is up by 5% against the greenback. According to the daily chart, the candlestick arrangements show exhaustion. But, whether the bears will make a move or press the sell pedal depends on the price trend sitting above the 20-day MA. Thus, ETH price is trending above a flexible support line and the bulls will likely remain in place by the days-end.
The result of this price action will be a double-bar reversal. Traders can purchase the dips, and sync with the dominant pattern. The risk-averse can also wait for a break above the $450 mark with enormous trade volumes exceeding the sum reached on August 2. They can place orders and their targets at $500. In the case of losses below the $400 area, ETH prices could collapse to the $350 mark.
How the Recent USDT Chain Swap Affects Ethereum
Ethereum’s rise is between its ability to tokenize assets, enabling diversification, and allow experimentation. It is this diversification and capacity to improve earnings (by drawing resources from Bitcoin to Ethereum) for DeFi that has made Ether rise. The end game is the growth of the total sum of ETH locked up in DeFi dApps, which stands at $6 billion-plus at press time.
While the main focus is DeFi, there is one interesting development. The Whale Alert reported that over 23% (more than $1 billion) of the USDT held by Tron was moved to the Ethereum Blockchain early on Thursday morning. The $1 billion worth of Tether was moved to Ethereum where more than half the overall USDT supply sits in. Analysts insist that the propensity of clients to use Tether’s USDT token on the platform is putting pressure on the Ethereum network.