- Ethereum managed to outperform Bitcoin over the past weeks.
- The altcoin rose amid the recent DeFi performance and London upgrade.
- ETH forms a bearish pattern.
Ethereum (ETH/USD) saw price pullbacks as some investors claimed profits on Monday. The alternative coin dropped to $3,230, beneath its weekend high at $3,340. For now, ETH is the second-largest cryptocurrency after the dominant asset, Bitcoin. While writing this, the ETH’s market cap stands around $377 billion.
DeFi and London Upgrade Trigger ETH Moves
Ethereum’s price has seen a massive bounce over the past sessions. The asset surged more than double its value over the past week, following the dips that had it at $1,700. The recent market positivity saw ETH rising by around 90% from the July lows.
Ethereum took advantage of various catalysts to enjoy its current highs. Firstly, the crypto received support from Bitcoin, which rallied by over $16,000 over the past three weeks. Keep in mind that Ethereum and other cryptos have traded following BTC’s trend.
Also, Ethereum had support from the developments in the DeFi network. The decentralized Finance industry had its TVL surging to over $88 billion over the last few weeks.
That shows impressive gains as the network had its value dropping below $50 billion amid the crypto crash. For now, Aave has a TVL of over 15.7 billion. InstaDapp and Curve finance have their total value locked, exceeding $10 billion.
Generally, seventeen of the large DeFi projects see their TVL standing over $1 billion. That is an impressive development as most DeFi projects rely on ETH technology.
Also, Ethereum enjoyed a massive boost from the recent London upgrade. The update had developers adding critical info on the ecosystem. For instance, the burning functionality would destroy millions of ETH tokens.
According to the 4-hr chart, ETH has traded within a tight range over the previous sessions. With such actions, it formed an uphill channel (black). The altcoin has climbed over the 25- and 50-day EMAs.
Meanwhile, RSI and MACD indicators form a bearish pattern. That way, the altcoin has chances to bounce lower as investors take profits. In such scenarios, ETH traders will have to watch the $3,000 level.
Stay tuned for recent developments in the crypto industry.