Today's Asian trading signals indicate that the correction may have ended. Ethereum (ETH) is leading the race to recover once again, whether this coin can reach $ 300 by this time?
The cryptocurrency market seems to be rebounding today, although Bitcoin is hardly moving during the day - currently at around $ 9,800.
However, the total $ 14 billion market capitalization of the cryptocurrency has signaled a revival for altcoins.
Ethereum leads in profit
According to Tradingview.com's chart, ETH touched a low of nearly $ 245 yesterday - down about 15% from its peak in 2020.
Today, the price was back in bullish territory to approach the $ 270 resistance level in the last few trading hours. This move is equivalent to a solid 10% increase in the day.
The pullback is not strong enough to push ETH down to the 50-day moving average, which shows that the uptrend is still very strong. ETH is currently at the support / resistance level it achieved 4 times between May and July 2019 and $ 300 is the next target above.
A breakout of the low zone will see the world's second-largest digital asset return to the support zone at $ 240.
Fundamentals of ETH
The result of the ETHDenver event brought a lot of bullish signals to this asset with many developments on the dApp and protocol. In addition, co-founder Vitalik Buterin is still confident that the first stages of Serenity will be launched this year.
Each week brings innovative client optimization, larger testnets, and a growing community of information providers, all expecting Beacon Chain to be completed soon.
Recently there have been a number of FUDs for DeFi, most of which come from Charlie Lee and maxis bitcoin. This can be considered a testament to how quickly the ecosystem has grown since a year ago - when it was overlooked.
After bZx recently suspended its smart contract to prevent the exploitation of flash loans, the total dollar value locked in DeFi has once again returned. It is currently at $ 1.15 billion, according to defipulse.com.
Ethereum-based blockchain games are also gaining popularity with a recent $ 200,000 virtual land game. Sandbox (TSB) has just announced that the second presale worth 800 ETH has been sold out within 4 hours. This shows that the demand for Ethereum for non-fungible tokens is also increasing.
Overall, Ethereum has increased by more than 100% since the beginning of this year and it still has a long way to go.
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According to Bitcoinist
Translated by ToiYeuBitcoin