Before its breakout yesterday, Ethereum had been trading around the $1,380 range. Since pulling back from its previous all-time high, Ethereum has retested its resistance levels four times. The resistance was eventually breached at the fourth attempt.
Overall, Ether has maintained its momentum from its Bull Run late last year. Su Zhu, the CEO of Three Arrows Capital said:
Crazy thought, but you would’ve made more selling $BTC to $ETH than BTC to USD at the local 41k top. Crypto/crypto if you want to play cycles. Crypto/fiat up only.
As of press time, Ethereum was exchanging hands at $1,539 with its market cap sitting at over $177 billion.
Ethereum’s recent growth may not be unconnected with renewed interests in decentralized finance (DeFi) projects. A significant percentage of these projects are built on the Ethereum blockchain. According to DeFi Pulse, over $28 billion is locked in Ethereum-based protocols. Meanwhile, the world’s largest crypto asset manager, Grayscale, reopened the doors of its Ethereum Trust today.