- ETH/USD has recovered to $240.00, but the vital resistance remains unbroken.
- The amount of coins locked in DeFi applications is increasing.
The value of funds locked on smart contracts of decentralized finance applications (DeFi) reached nearly $1 billion after a sharp decrease in March amid global sell-off on the cryptocurrency market.
ETH coins flow to DeFi applications
The number of funds on smart-contracts of DeFi applications bottomed at $538 million on March 18. However, the indicator performed a V-shaped reversal and recovered to 975 million by press time, according to DeFi Pulse stats.
MakerDAO retains the leading position with 54% of DeFi market share. It is followed by the platform of synthetic assets Synthetix and the cryptocurrency lending service Compound. The project Aave is also gaining popularity as it has recently added support for liquidity tokens Uniswap v1 that can be used as collateral.
The segment of decentralized exchanges (DEX) is also on the rise. According to the recent data, provided by Dune Analytics, the trading volumes on DEX increased by 15% in the past seven days.
Uniswap is the leader of the segment. It is closely followed by Bitcoin-swaps exchange dYdX and Kyber.
However, despite the sustainable growth, decentralized exchanges still lag far behind decentralized exchanges in terms of the trading volume. In particular, the daily turnover of Dune Analytics platforms ($27,2 million) is only 3,39% of the total trading volume produced by the platforms covered by the Bitwise rating ($802,5 million).
ETH/USD: Technical picture
Ethereum (ETH) is testing the resistance created by the upper boundary of the previous consolidation range at $240.00. The second digital coin has recovered from Tuesday's low at $224.47 and moved above 1-hour SMA100, which is a positive signal. The intraday RSI points to the North and supports the bullish scenario. Once $240.00 is sustainably broken, the recovery may be extended towards $250.00.
ETH/USD 1-hour chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.