That Ethereum will raise to USD 370 depends on the upcoming weekly completion of the Bitcoin price

Saturday, The price of Bitcoin (BTC) and Ether (ETH) rose when BTC briefly exceeded $ 9,700 and Ether 2020 peaked at $ 309.

According to Coinmarketcap, Bitcoin’s market cap is currently $ 183,698,617,304.

The weekend’s rise was a surprise as weekends are usually characterized by low trading volume and some traders avoid the markets due to the volatility sometimes associated with the weekly close.

That Ethereum will raise to USD 370 depends on the upcoming weekly completion of the Bitcoin price
That Ethereum will raise to USD 370 depends on the upcoming weekly completion of the Bitcoin price

Crypto market weekly price chart

Crypto market weekly price chart. Source: Coin360

Aside from the techniques, Ether’s rapid rise to $ 309 could also give a boost to the news that The total value of funds blocked on decentralized financial platforms (DeFi) today reached $ 4 billion.

Total locked (USD) in DeFi

Total locked (USD) in DeFi. Source: DeFi Pulse

Indeed, DeFi’s three main platforms are Maker, Aave and Compoundwith $ 875 million, $ 639 million and $ 616 million each in different contracts.

The Show DeFi pulse data as The decentralized financial sector grew enormously in 2020since the value blocked at the beginning of the year was slightly less than $ 1 billion.

As explained in a previous market update, Ether was expected to push to the $ 317 level when the February 14, 2020 high of $ 288.32 was reached. and Saturday’s rally to $ 309 was only $ 8 to overcome the resistance group, which expanded to $ 317.

Ether daily price chart

Ether daily price chart. Source: Coin360

After a rally of almost 30% this week, a consolidation phase is expected. However, if the bulls are renewed or Bitcoin rises at the close of the week, there is a chance that the price will reach $ 317 and the bulls will hit the 2019 high of $ 367 due to the lack of resistance at the top.

Bitcoin is approaching key resistance

When Ether reached a new high in 2020, the price of Bitcoin rose to $ 9,733. Traders are now closely monitoring whether the highest digital asset on CoinMarketCap can exceed the USD 9,900 level.As this would bring the price over the long-term descending trend line from the 2017 all-time high.

According to Cointelegraph employee Michael van de Poppe: “Greater parabolic motion is unlikely to occur immediatelysince the price has some untested levels above it, namely $ 9,900 and $ 10,100. ”

Van de Poppe further explained:

“The most likely scenario would be a” ladder pattern “in which the bitcoin price rises toward the resistance zone, rejects the previous resistance zone, and then successfully tests for support. The price movement should accelerate as soon as Bitcoin breaks the high of $ 10,100“”

At the time of writing, the price of Bitcoin fell slightly from the daily high of $ 9,733 The daily chart shows that the digital asset continues to experience highs and lows and the price remains above the 20-day moving average.

Bitcoin daily price chart

Bitcoin daily price chart. Source: Coin360

As Bitcoin and Ether made progress Various old coins also took important steps.

Cardano (ADA) surprised investors with a strong upward move of 21% to $ 0.1457. Binance Coin (BNB) also continued to grow by 5%. Litecoin (LTC) followed Bitcoin with an increase of 12.88% to USD 49.47.

According to CoinMarketCap, the total market capitalization for cryptocurrencies is now $ 294.6 billion. The domain rate of Bitcoin is currently 60.5%.


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