Ethereum targets $2000 as bulls provide fuel for its upward journey

ETH eyes $2K as the DeFi space didn’t hold back as it locked the highest amount till date
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The overall crypto market cap had surged to a new high of $1.17 trillion. Several assets like Bitcoin [BTC], as well as Ethereum [ETH], were seen accounting for most of the achieved market cap. BTC’s market cap was noted at $707.9 billion and ETH’s was at $198.5 billion. ETH was on a roll as the asset was noted at $1,733.43 during the last 24-hours ETH bagged gains of over 7%.

ETH found its way under the crypto fame after it achieved multiple highs in the last couple of days. While ETH was finding it hard to move past $1,300, the altcoin had hit an all-time high of $1,741.89. It seemed like ETH had garnered a one-way ticket to $2000.

ETH shelters bulls as it pushes beyond $1.7K

Source – TradingView

The one-hour price chart on Binance for the trading pair ETH/USD was seen boarding the bulls. The daily moving average indicator had lengthened its bullish crossover. The 50 daily moving average [blue] was above the 100 daily moving average [green] which announced the presence of bulls. The MACD indicator was also in sync with the aforementioned indicator as the MACD line was above the signal line. This further instigated a bullish crossover.

Additionally, the volume in the ETH market on Binance was quite neutral with no major buying or selling activity.

Source – TradingView

The Commodity Channel Index [CCI] indicator revealed that the asset was being overbought. The Relative Strength Index indicator was seen exhibiting a buyers’ notion. This trend could persist following the current price trend that ETH was manifesting.

ETH was surging and so was its Gas fee. The average transaction fee of ETH was at a high of $23.27. A Japanese cryptocurrency exchange, Liquid Global announced that it would temporarily halt ETH withdrawals considering the high gas fee.

Additionally, the decentralized space of the crypto industry was seen recording new highs. The total amount of USD locked in the DeFi space was at a high of $35.35 billion. Maker was seen dominating the scene by 17.32% as it secured a whopping amount of $6.12 billion.

Source – DeFiPulse

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