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
Bitcoin extends correction below the $60,000 level
Bitcoin extends correction and erases Friday’s gains after being unable to hold above the psychologically important $60,000 level over the weekend. Since Saturday’s opening, BTC erased nearly 3% of its value and trades near $58,500 at the time of writing on Monday.
PEPE slides as whales lose interest, traders engage in profit-taking
PEPE (PEPE) posts losses for a third consecutive session on Monday as on-chain metrics show a sharp decline in large-volume transactions from whales and a spike in profit-taking in the last six days.
European crypto fund founder calls Tether $118 billion scam
Founder of Cyber Capital, Europe’s oldest crypto fund, criticized Tether for their reserves and said there has been no audit since 2021. In a tweet thread on X, Justin Bons supports his stance on the stablecoin firm with statistics.
XRP re-listing on Robinhood could fuel double-digit price rally, push XRP to $0.66
Ripple (XRP) is back on the commission-free exchange Robinhood per the official website of the platform. Users can currently watch XRP price chart, the altcoin is yet to be listed for trading.
Bitcoin: On the road to $60,000
Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.