The price of Ethereum (ETH / USD) rebounded in the night session as the volume of cryptocurrencies and activity in the DeFi ecosystem increased. Ether rose to $ 3,220, slightly below its weekly high of $ 3,345.
Dynamic DeFi ecosystem
The decentralized finance industry is the biggest test case for the use of blockchain technology. The industry helps developers develop applications that provide decentralized financial services. The most popular forms of DeFi are loans, payments, and exchanges.
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The DeFi industry has grown explosively in recent years. For one, Total Value Locked (TVL) in the industry has grown from zero to more than $ 82.9 billion. This is remarkable for an industry that is not even mainstream.
Most importantly, Ethereum dominates the DeFi ecosystem. Most of the biggest projects in the industry are Aave, Compound, InstaDapp, Maker and Uniswap.
Aave has created a decentralized lending and investment platform with more than $ 24 billion in liquidity. Uniswap, on the other hand, is a platform that enables people to buy and sell coins without using the popular centralized exchanges.
Ethereum price rose in the night session as activity in the DeFi industry remained stable. The Total Value Locked (TVL) on Ethereum’s DeFi platforms rose to $ 82 billion. This is noteworthy as it was below $ 50 billion two months ago.
In the meantime, the price of Ethereum has performed relatively well after Bitcoin rebounded in the night session. After falling below $ 45,000 on Thursday, it rose back to over $ 47,000. There are rumors among analysts that the price will climb to more than $ 50,000 over the weekend. For the most part, Ethereum evolves in a similar way to Bitcoin.
Ethereum price forecast
The daily chart shows that ETH price found strong support around $ 1,700 in May, June and July. Since then, the price has rallied, even climbing above the $ 2,400 and $ 2,875 resistance levels. Meanwhile, the price has risen above the 25- and 50-day moving averages while the Relative Strength Index (RSI) has climbed to 63. As such, the coin is likely to continue its uptrend as investors target the major resistance at $ 3,500.
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