Analytics / Forex and Crypto News
Today the bulls have once again pushed the price of Ethereum above the resistance level of $1450. However, the price of Ethereum could not stay above this level for a long time. At the time of publication, the price of Ethereum dropped to $1430. During the growth, the capitalization of Ethereum increased to $163.916 billion.
Analysts believe the attempt to raise the price above $1450 was made by members of the Reddit community WallStreetBets, who significantly increased GameStop's share price last week. Then, thanks to the aggressive actions of members of the WallStreetBets community, GameStop shares rose by 1700%.
However, WallStreetBets is not the only catalyst for the rise in Ethereum's price. The DeFi decentralized finance market is capturing ever-increasing capital injections. The DeFi ecosystem is deployed on Ethereum. The value of the funds locked in it stands at just over $28 billion now.
Ryan Selkis, a member of Messari, believes the price of ETH will rise as the DeFi market continues to expand. The more money goes into this ecosystem, the higher the demand will be for both DeFi tokens and the underlying asset of the network, that is, Ethereum.
Market analysts are forecasting long-term rise in the price of Ethereum and predict that the price will still rise above $1450 and fix there.