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Crypto Industry News:
Analysts at one of the largest US cryptocurrency exchanges said in their report that ethereum surpassed all cryptocurrencies, including bitcoin, in terms of price growth and trading volume in the first half of this year. More money is being pumped into Ethereum than ever before. It largely depends on the big Wall Street players who are interested in the cryptocurrency itself and the DeFi sector.
Total trading volume for ethereum increased by 1.461% in the first half of 2021 to $ 1.4 trillion (in the same period in 2020, it was just $ 92 billion). By comparison, bitcoin trading volume only grew by 489% - though it still practically doubled the total ETH volume.
The price of ETH has also risen sharply this year. "The second most valuable cryptocurrency asset gained 895% in the 12-month period and 210% in the 6-month period ended June 30," the stock exchange report reads.
The report said that a key factor in this regard was "the increased use of DeFi protocols built on Ethereum, proving the value of the web as a global financial tool and platform for developers."
Decentralized Finance (DeFi) is a term that refers to projects that aim to revolutionize and replace current methods of borrowing, lending and processing services similar to traditional banking. They are extremely profitable and most of them are based on Ethereum.
Technical Market Outlook:
The BTC/USD pair rally above the $2,500 had been terminated at the level of $2,695 so far after the Bearish Engulfing candlestick pattern was made. The market tested the technical support at $2,549 and bounced slightly. It might be a good moment to point out, that there is a clear negative divergence between the price and momentum oscillator at the H4 time frame chart, so the pull-back might deepen towards the next technical support seen at the level of $2,453. Please keep an eye on the market reaction around the key technical resistance located at the level of $2,850, because one violated will act as the technical support zone on the bulls way towards the next target seen at $3,000.
Weekly Pivot Points:
WR3 - $3,455
WR2 - $3,077
WR1 - $2,935
Weekly Pivot - $2,529
WS1 - $2,363
WS2 - $1,988
WS3 - $1,819
Trading Outlook:
Ethereum might have started the next wave up as the next long-term target for bulls is seen at the level of $3,000. Nevertheless, in order to resume the long-term up trend, bulls have to break through the last swing high seen at the level of $2,880. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key support for bulls.
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