Ethereum price is wavering near its all-time high as interest from institutional investors rise. ETH price is also soaring as the Decentralized Finance (DeFi) industry continues to experience substantial inflows. It is trading at $1,745, which is slightly below its all-time high of $1,820.
Ethereum news: ETH has been on an upward trend in the past few months mostly because of the ongoing phase of irrational exuberance. This trend has pushed the currency’s market cap to more than $200 billion. As the second-biggest cryptocurrency, analysts believe that many institutions will buy it to diversify their BTC holdings.
Another reason for the current rally is the huge demand for DeFi projects. The total value locked in the DeFi ecosystem has surged to more than $38 billion. This value was less than $1 billion a year before. This is notable because most of the leading DeFi projects are built using the ETH ecosystem.
Meanwhile, Ethereum price has risen because of the recent launch of ETH futures by the CME. Analysts believe that this will boost demand for the currency. However, it could also lead to more rising pressure from short-sellers.
Ethereum price prediction
On the daily chart, we see that the ETH price has been rising. And recently, it seems to be forming an ascending triangle pattern. It is also above the 25-day and 15-day moving averages while the MACD has continued rising. Therefore, while the price will see some selling pressure, there is a likelihood that it will resume the uptrend as bulls target the next resistance at $2,000. However, a move below $1,400 will invalidate this trend.
ETH price chart