- Ethereum leads the way in the altcoin bullish rally.
- Almost 200 DeFi apps use Ethereum technology.
- Ethereum remains competitive with its bullish price
Ethereum (ETH) is one of the famous digital assets in the crypto world that needs no further introduction. As a result, the crypto sits next to Bitcoin, the crowned king of cryptocurrency. In terms of mass adoption, the market capitalization of ETH amounts to almost $85 billion. Therefore, investors look forward to a possible bullish price surge anytime soon.
Aside from being one of the famous cryptocurrencies in cryptocurrency exchanges for trading, ETH is also known in the DeFi space. Today, there are almost 200 DeFi apps that use ETH technology in their startups. Hence, the demand for ETH keeps on increasing every day; an event in favor of its investors.
Ethereum Price Analysis
Based on the chart above, ETH positions itself above the Arnaud Legoux Moving Averages (ALMA), a bullish signal. Currently, the price of ETH trades at a bullish price of $758.50 per crypto, with a growth rate of +463% in the past year. In this case, the crypto has a bigger chance to end the year in bullish territory. This is a good start for the coming new year.
However, traders must not overlook the relative strength index (RSI) level of ETH which is now on the overbought stage. For this reason, the crypto might perform a major price pullback anytime soon. This is most likely to happen if the market turns against the crypto.
Regardless, Ethereum has already established a good reputation in the crypto market along with its investors. To conclude, ETH is one of the cryptos that has a bigger chance of being profitable in 2021. Nevertheless, traders are still advised to study how cryptocurrency works to avoid unwanted losses.