The DeFi Boom Could Propel Ethereum Prices to $3500 (DUPLICATE)

Ethereum is showing signs of a bullish reversal, supported by DeFi sentiment and positive technical indicators. Despite initial setbacks, Ethereum's price stabilizes around $3,379 with potential for further upward movement.


The cryptocurrency market, especially Ethereum (ETH), is showing signs of positivity after initial challenges, driven by strong sentiment towards decentralized finance (DeFi) and positive technical signals.

ETH experienced a decline, testing support around $3,200. However, recent signals indicate a more positive shift, with Ethereum’s price hovering around $3,379 and showing upward momentum, aiming to surpass the $3,500 mark.

In addition to this positive sentiment, the DeFi sector within the Ethereum ecosystem has demonstrated resilience amidst recent market volatility. Despite a slight decrease from a peak of around $58 billion to $47 billion, the total value locked (TVL) in DeFi has rebounded to over $50 billion, indicating increasing interest and confidence in the market’s future prospects.


Investors seem inclined to participate in securing the Ethereum network and earning profits rather than immediately selling. If the trend of increasing value locked in these smart contracts continues, expecting further price appreciation in the coming weeks and months seems reasonable.

DeFi Boom Could Propel Ethereum Despite Shanghai Upgrade Uncertainty

Ethereum (ETH) has attracted new demand as crypto investors continue to move their funds into various DeFi protocols built on the Ethereum network. In addition to the decline in bank deposits, rumors of rate cuts and further dollar printing by the US Federal Reserve (Fed) have also contributed to the recent DeFi boom.

The recent spike in DeFi activity signals a prolonged Ethereum price rally, despite widespread uncertainty surrounding the upcoming Shangai upgrade.

There has been a persistent increase in the supply of Ethereum in DeFi smart contracts since March 13, according to Glassnode.

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Technical indicators are supportive of Ethereum’s price increase. The token is gradually approaching the $3,500 level, with the 20-day EMA serving as a key support level at $3,364. The MACD indicator has signaled buying pressure, indicating increasing buying momentum and affirming the prospects of price appreciation.
The upcoming Bitcoin halving event could also drive increased interest in major altcoins like Ethereum, potentially pushing prices to new highs. However, the expected resistance level is around $3,435, as a significant number of addresses are holding ETH at this level.