In today’s analysis we will analyze Ethereum (ETH) fundamentals and technicals. Let’s talk about the new new kids on the block. Defi (Decentralized Finance) is breaking all time records and it doesn’t look like it going to stop anytime soon. Defi projects and yield farming are very popular among crypto user, so much so that they nearly broke the Ethereum Network with all-time high transaction fees. This phenomena shows a need for an innovative strategy to make the future of cryptocurrency viable, and Ethereal-based Defi will pave the way.
Ethereum’s Next Phrase
Ethereum 2.0 is on its way, and recently there were rumors circulating around Twitter that Ethereum 2.0 phase 0 will be launched by the end of the year. This is evident by Ethereum’s very bullish support the last few months.
Ethereum went from $230 to $400 quickly with the rise of the Defi and Yield Farming craze. Since Q3 ETH’s price has been consolidating around $375, which is the weekly support line.
Although ETH has been holding steady around $375, in the last two months it couldn’t content with BTC (see our first blog about BTC fomo). This affected all altcoins as the summer time altcoin season has ended.
One Day at a Time: Ethereum’s Daily Chart
As for the future price prediction, it seems ETH is connected with the BTC/USDT markets as well as a successful Ethereum 2.0 launch. ETH has has the potential to reach $795 with these influencers in mind as well as it current strong support of nearing $400.