Ethereum (ETH) price is pointing towards the bullish position. This position can lead the crypto to reach $400 in the days to come.
In the past few days, Ethereum (ETH) has been performing well, following its preparation for its platform’s upgrade and the DeFi market’s standing. Today, ETH is traded at a high price of $374.30, with a growth rate of +7.6% in the last seven days.
Based on the chart above, ETH price is already in its bullish position to break its resistance level of $379. If this uptrend continues, ETH may be able to reach the amount of $400, which is a +27.49% price increase from its bearish dip last September 23.
Crypto analyst Chase_NL shared his opinion with the current ETH price action:
Retracement all the way back to 355~ is a no-no IMO. How often do strong bull trends fully retrace to their origin of breakout within days? Never.
I’m already long from 368 (half profit taken), but if that stops out, I’ll look towards 361~ area. Would aim 400 from there. pic.twitter.com/A2oXjsnCmi
— Chase_NL (@Chase_NL) October 10, 2020
On the other hand, the DeFi space’s bounce back from its price fall on October 8, amounting to $10.18 billion, is one factor to consider in the crypto’s uptrend signal. Today, the DeFi space has a total locked value (TVL) of $10.68 billion, with a growth rate of +4.91% over the weekend.
The growth of DeFi’s overall TVL also indicates the increase of crypto investors that invested in ETH to join the DeFi craze. This is because most of the DeFi protocols are being created mostly on top of the Ethereum protocol.
Aside from the DeFi space, Ethereum is on its way to launch its new Ethereum 2.0 testnet Zinken tomorrow. This testnet is said to solve issues prior to the launch of Ethereum 2.0, expected to happen later this year. More so, it is a valid reason to consider the surge of the ETH price in the future.