HotForex Analysis Team
HotForex
The ETHUSD price swing shows a continued rally towards the $400 level, near the 50% Fib retracement at $394.32.
The price of Ethereum (ETHUSD) is at $388, approaching the high of $394.32 formed on September 17. The main reason that seems to be driving Ethereum today is the fact that the USD is still under broad pressure, and it may continue. Goldman Sachs said they expect the Greenback to remain under pressure as Biden’s chances of winning the election continue to increase. The USIndex remains neutral.
Ethereum is in a persistent pattern at a time when DeFi’s* popularity continues to grow. The DappRadar report shows that the industry experienced significant growth in Q3. The total value of transactions in DeFi rose to $123 billion during Q3 2020, with 96% of the total DeFi transaction volume belonging to Ethereum. According to DefiPulse data, 40 of the 41 largest DeFi projects are in the Ethereum industry.
Further interesting news comes from ECB Lagarde. According to BusinessInsider, the ECB is moving a step closer to exploring the creation of a virtual currency, after president Christine Lagarde said on Monday that the ECB is “very seriously considering” the Digital Euro.
She said the COVID-19 pandemic has caused many structural changes, including the way “we work, we trade, and we pay.” As a result, digital payments have increased significantly, especially in countries like Germany and Italy where “cash was king”, “as people used to walk around with paper money”. “There is a lot more confidence in digital payments and significant changes are taking place,” she said.
ECB’s Lagarde said the pandemic caused e-commerce to rise by nearly 1/5 in terms of volume and sales between February, when the outbreak first hit Europe, and June this year, when there were many lockdowns.
In a study published earlier this month, the ECB said the digital euro would help citizens by providing access to fast money in a fast-changing digital world.
*DeFi is short for “decentralized finance,” a generic term for various financial applications in cryptocurrency or blockchain geared towards disrupting financial intermediaries.
Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument.
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