DeFi has been in the market for a long time now. DeFi platform Celsius recently exceeding $1 billion in crypto deposits, it’s clear that these are well-founded claims.
The current price is about $9,150 and the resistance is at $9,270. This puts the mid-level support at $8,750 and the lower channel support at $8,200, which suggests to potential Bitcoin buyers that an 11% drop to the channel support is a potential scenario.
Its Ethereum blockchain hosts many of these so-called DeFi projects that have been gaining a lot of attention lately.
Comparatively, Ether (ETH) looks like it is trading at the bottom of its current ascending channel on the daily chart. However, you cannot deny that Ethereum has cemented itself as being equally important as Bitcoin in the cryptocurrency space.
Without Ethereum, you wouldn’t have the majority of DeFi platforms, smart contracts, or altcoins that might give you insane returns if you pick the right one, including the marines’ beloved Chainlink (LINK).
However, for Ether, all of the price action in its current channel occurs below 0.236, which would put ETH/USD close to $400 should it reach the first Fibonacci level.
What’s more, that doesn’t even bring Ether price close to Bitcoin’s current retracement levels. If ETH were to approach the 0.382 fib, we’re looking at a 150% gain on the second-largest cryptocurrency in the space.
The question is then, will Ethereum begin to outperform Bitcoin in the immediate future?
If so, what will happen to all of the alts paired with ETH and subsequent profits people start taking on ETH only pairs? What effect would you expect to happen across the space? It seems it would be 2017 all over again while also presenting a third option attractive for investors.