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Ethereum Surged 10% Along With DeFi’s Latest Rally: Analysis


Ethereum surged 10% along with the latest Rally in DeFi, in only 24 hours, pushing as high as $520 for the first time since 2018. The leading cryptocurrency is now surpassing BTC on a daily basis but it still underperforming it on a multi-week basis so let’s find out more in today’s Ethereum news.

Analysts believe that the cryptocurrency will surge higher in the upcoming weeks as the trend still seems to be quite positive for the main coin. Analysts believe that ETH will skyrocket higher in the upcoming weeks if it manages to pass key resistance levels in the higher $400 region. referencing the charts showing ETH breaking above the long-term resistance levels, one analyst commented:

 “So, if all goes according to plan with $ETH, what’s your ‘realistic’ price target? (ex. where will you look to close leveraged longs within a week or two). Personally, I’m looking at the $570 weekly level, with a potential push towards a round $600 if momentum is really strong.”

eth chart
Chart of ETH’s price action over the past three years with analysis by crypto trader Chase_NL (@Chase_NL on Twitter).

Ethereum is now set to move towards the main resistance of the $600 range according to the trader, referencing the charts that we have below. The charts show that ETH is set to hit $600 with the macro resistance laying on the charts. other analysts believe that ETH will rally to $800 even but this prediction remains to be seen if it plays out as they expect. The Ethereum foundation developers were giving updates on the upcoming upgrade which is the ETH 2.0 or Serenity. The upgrade is expected to boost the blockchain and to implement a new type of token-economics. Vitalik Buterin commented:

 “In two years the main task will be to stabilize and cherish what we will have built. Until then, participation in Ethereum is unavoidably in part a prediction that the roadmap is a good one and that once this upgrading process ends we actually will get to a place where the network is efficient and stable and powerful and capable of being the base of significant parts of the global economy.”

eth usd
ETHUSD. Source TradingView

Other analysts think that the upgrade will drive the prices higher as the investors will look to purchase ETH and to stake in bigger quantities, as Ethereum surged 10% today, but could surge higher soon.