Friday, 07 August 2020

Ethereum rally before the Medalla testnet launch

After the so-called “Black Thursday” correction on March 13, when ETH briefly dropped below $90, the DeFi market began to expand rapidly. This year, this growth in ETH is the result of rapid growth in demand for stablecoins and DeFi, which is expected to push ETH price further and higher in the long term.

When new protocols, introduced their incentive systems, the demand for decentralized finance increased even further. In May, less than $1 billion was locked in DeFi platforms. As of July 26, more than $3.75 billion is locked across various DeFi protocols.

With a bullish Bitcoin and crypto environment, Ethereum can recapture lost ground and reach levels last seen in the 2017/2018 crypto market season. Ethereum (ETH) has exceeded the expectations of crypto traders and investors by zooming past what many thought was a brick wall in the form of the $290 resistance level.  Furthermore, ETH has now set its eyes on the $320 resistance level as the Ethereum trade volume across exchanges continues to eclipse that of Bitcoin.

The Ethereum 2.0 testnet Madalla is scheduled to go live on Aug. 4 at 1:00 PM UTC, according to coordinator Danny Ryan. Ethereum 2.0. To promote client diversity and improve decentralization, the new blockchain will initially be launching with four clients—Lighthouse, Nimbus, Prysm, and Teku.

When it does go live, Ethereum 2.0 will introduce staking and sharding—two improvements to Ethereum’s scalability and security.

Considering all these development facts and technical market structure of Ether, some traders said that $308 and $400 remain as the key short-term resistance levels.


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