Tanya Abrosimova
Independent Analyst
- ETH/USD has recovered to $240.00, but the vital resistance remains unbroken.
- The amount of coins locked in DeFi applications is increasing.
The value of funds locked on smart contracts of decentralized finance applications (DeFi) reached nearly $1 billion after a sharp decrease in March amid global sell-off on the cryptocurrency market.
ETH coins flow to DeFi applications
The number of funds on smart-contracts of DeFi applications bottomed at $538 million on March 18. However, the indicator performed a V-shaped reversal and recovered to 975 million by press time, according to DeFi Pulse stats.
MakerDAO retains the leading position with 54% of DeFi market share. It is followed by the platform of synthetic assets Synthetix and the cryptocurrency lending service Compound. The project Aave is also gaining popularity as it has recently added support for liquidity tokens Uniswap v1 that can be used as collateral.
The segment of decentralized exchanges (DEX) is also on the rise. According to the recent data, provided by Dune Analytics, the trading volumes on DEX increased by 15% in the past seven days.
Uniswap is the leader of the segment. It is closely followed by Bitcoin-swaps exchange dYdX and Kyber.
However, despite the sustainable growth, decentralized exchanges still lag far behind decentralized exchanges in terms of the trading volume. In particular, the daily turnover of Dune Analytics platforms ($27,2 million) is only 3,39% of the total trading volume produced by the platforms covered by the Bitwise rating ($802,5 million).
ETH/USD: Technical picture
Ethereum (ETH) is testing the resistance created by the upper boundary of the previous consolidation range at $240.00. The second digital coin has recovered from Tuesday's low at $224.47 and moved above 1-hour SMA100, which is a positive signal. The intraday RSI points to the North and supports the bullish scenario. Once $240.00 is sustainably broken, the recovery may be extended towards $250.00.
ETH/USD 1-hour chart
-637267789194414148.png)
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Crypto Today: Poland to adopt BTC as Hedera, Tezos rally alongside Microstrategy investing another $4.6B
While Solana’s daily time frame gains were subdued at 2.2%, the SOL price action drew attention on Monday as traders brace for a potential breakout to new all-time highs.
Bitcoin could see another parabolic run following rising institutional interest
Bitcoin (BTC) began the week positively, rising over 3% above the $91K threshold on Monday. Despite the recent rise, BTC could begin another extended bullish move as top firms are increasing their Bitcoin holdings and potentially adopting it as a reserve asset.
Ethereum Price Forecast: ETH risks decline to $2,258 as exchange reserves continue uptrend
Ethereum (ETH) is up 1% on Monday after ETH ETFs hit a record $515.5 million inflows last week. However, rising exchange reserves and realized losses could trigger bearish pressure for the top altcoin.
SOL Price Forecast: Solana nears all-time high as VanEck, BONK spark $2.9B inflow
Solana (SOL) price reached a new monthly time frame peak of $248 on Monday, November 18, up 60% within the last 14 days. Derivatives market trends signal potential for more upside as bulls set their sights on new all-time high.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.