Ethereum
Ethereum price is just a few points below its all time high, supported by high demand and high transaction volume. The ETH is trading at $1,327, which is slightly below the ATH of $1,547. Meanwhile, Litecoin price is trading at $158, which is slightly below the important resistance level at $160. It has jumped by 11.25% in the past 24 hours.
Ethereum price is soaring because of the strength of the Decentralized Finance (DEFI) industry. Data compiled by DeFiPulse shows that the total value locked in DeFi has risen to more than $24 billion with Maker dominance hitting 18.42%.
Seven of the biggest Defi projects, including Maker, Aave, Compound, Uniswap, Curve, Sushiswap, and Synthetix have more than $1 billion locked. This is an incredible thing considering that the value of DeFi was below $1 billion in January last year. A report by Messari showed that Ethereum now processes 28% more transactions than Bitcoin.
As I wrote last week, ETH price has formed a cup and handle pattern when you look at the long-term chart. This pattern means that the price will likely continue rising as bulls target the right side of the cup at the all-time high of $1,547 that is about 15% above the current level.
Litecoin price has also continued rising, pushing its market capitalisation to more than $10 billion. This makes it the 7th biggest cryptocurrency in the world. This rally has happened due to the overall upward trend of cryptocurrencies. Also, the number of transactions using Litecoin has continued rising.
On the daily chart, we see that the LTC Price has bounced back from last week’s low of $110 to the current $160. This price is slightly below the year-to-date high of $182.
It is also significantly higher than the Ichimoku cloud and slightly higher than the 25-day and 15-day exponential moving averages. Therefore, the price will likely continue rising as bulls aim for the YTD high of $182 that is 15% above the current price.
