Although the price of Bitcoin fluctuated this week, Ethereum was still able to maintain its uptrend.
To Report This is the first time in weeks that Ethereum has seen prices rise despite the Bitcoin withdrawal. Defy tokens, on the other hand, are on the rise again.
In recent days, the Defai area has been the biggest winner of the Ethereum Rally; So that many tokens in this area have started their price recovery process by forming a V-shaped curve.
If these tokens continue to rise and stabilize their previous price levels as long-term price levels, it is likely that Yield Farming and trading volume in decentralized exchanges will return to their uptrend.
This, in turn, could provide the fuel for Ethereum re-mutation and increase the volume of transactions, commissions and usability of the Blockchain.
One of Ethereum’s well-known whales, which has been around since the early days of the digital currency, says Ethereum is forming a new three-year market cycle with its recent upward pressure.
He points out that the occurrence and continuation of any pullback in the short term seems unlikely, and it is highly likely that a strong uptrend will continue in the Ethereum chart.
At the time of writing, the price of Ethereum has dropped by 3% overnight to the $ 445 range. In the past few hours, buyers have been vigorously defending this price range.
It used to be a resistance zone, but if the cows continue to insist, they can turn it into a support zone.
If this range becomes a strong support range, the possibility of price increases and the formation of an excellent base for growth will be greatly strengthened.
The next key level not to be overlooked is the $ 500 range. Weighting or breaking this level will be a critical event and will determine the future trends of Ethereum prices in the coming months.
One of Ethereum’s early investors, nicknamed “Tetranode” among members of the user community, tweeted that Ethereum was currently forming a new multi-year market cycle in which strong uptrends were likely. . He tweets:
In the path we see on the Ethereum price chart, a cup pattern is formed first and I am now waiting to see the handle pattern. If any pullback occurs in the $ 460 to $ 480 range, it probably won’t last long.
The events of the coming days will shape Ethereum’s medium-term outlook. A stabilization above the $ 450 price threshold is also likely to be accompanied by significant uptrends for this digital currency.