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Ethereum Price Surges Up To $318, Future Depends On Bitcoin Closing

Bitcoin is the undisputed king of the cryptocurrency. Major part of the market depends upon the growth of Bitcoin. As Bitcoin rose above $9700 mark for a brief period of time, Ethereum saw the peak of 2020 at $318.

The surge this weekend has seen by surprise as the trading stays low at such times. Traders usually avoid the market in weekend due to the price volatility.

It could also be a morale boost for Ether as the total value of funds locked into decentralized finance platforms (DeFi) reached $4 billion today. 

At DeFi platforms Maker, Aave, and Compound tops the list. It is now positioned at $875 million, $639 million and $616 million respectively.

According to a data in DeFi Pulse, the DeFI sector has grown considerably in 2020.

Ether, meanwhile, was expected to surge up to $317 level but it fell short of $7 in the weekend.

According to Cointelegraph contributor, Michael van de Poppe, “A major parabolic move is unlikely to happen so soon, as the price has some untested levels above, namely $9,900 and $10,100.”

“The most likely scenario would be a “staircase” pattern where the price of Bitcoin rallies towards the resistance zone, rejects, and then successfully tests the previous resistance zone for support. Next, the price move is likely to accelerate upward once Bitcoin breaks above the high of $10,100.” 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.