The Ethereum price is bouncing back after it fell sharply a few days ago. ETH is trading at $2,440, which is just 4.75% below its all-time high of $2,550. The currency has surged by more than 25% from the lowest level on Sunday.
What happened: Ethereum price has recovered most of the losses it made on Sunday this week. Notably, it is surging at a time when Bitcoin, Ripple, and other popular currencies are struggling.
This performance is mostly because of the vibrance of the Decentralized Finance (DeFi) industry. The total value locked in the industry has surged to more than $59 billion. It has also recovered after it dropped to $55 billion yesterday. This trend is partially because of Maker, which is set to launch a new product that will use real assets as collateral.
Also, the TVL of other popular DeFi projects like Compound, Uniswap, and Aave has been rising, as shown below. This is notable since, while other platforms like Solana and Elrond are rising, Ethereum is still the biggest player in the industry. So, what next for ETH prices?
In my last note, I wrote that the Ethereum price was still heading to $3,000. This was a relatively controversial note considering that ETH was in a major sell-off at the time.
On the daily chart, we see that the price is being supported by the 25-day and 15-day exponential moving averages. This is usually a sign that the price will continue moving in that trend. Also, we see that the Supertrend, which tends to be an accurate indicator is still bullish.
Therefore, in my view, I suspect that ETH will keep rising as bulls target the YTD high of $2,560. If this happens, the next key level to watch is $2,650. In the longer-term though, I suspect that the price will keep rising as bulls eye $3,000.
Follow Crispus on Twitter.
