Ethereum price surpasses Q1 2021 highs, ETH / USD may rise to $ 3.2k
Investors who helped raise $ 65 million for ConsenSys, the leading software development company developing Ethereum, include UBS, MasterCard, and JPMorgan.
Preparing for the future
According to ConsenSys, the funds will be to further decentralize its systems and launch more applications.
A UBS executive said they are preparing for the future. This investment demonstrates your commitment to working with Fintechs for the benefit of your clients.
Meanwhile, Raj Dhamodharan, Executive Vice President of MasterCard, said that Enterprise Ethereum is a critical infrastructure that will run future financial dApps.
DeFi and Ethereum
Interest in Ethereum continues to grow.
At the time of writing this article, ETH prices are at all-time highs and could hit $ 10k in the next few years, according to Ethereum permabulls like Anthony Sassano.
Ethereum's central drawer is its smart trading capabilities. This has seen a wide range of dApps flourish, solving different business needs that already operate from decentralized and resilient base layers.
There is already more than $ 53 billion in digital assets locked on various DeFi protocols running on the network. Also, other competing platforms, as they expand, are diversifying towards Ethereum.
The Ethereum network will also fork through Berlin today. This update concludes the Metropolis Era and prepares the platform for the final change to Eth2 and stakeout.
Ethereum price analysis
ETH / USD price is trading within a bullish breakout pattern, climbing to a new all-time high above $ 2.38k.
At time of writing, the price of ETH is up 12 percent from the week to date.
Technically, the arrangement of the candles favors the Ethereum bulls, as can be seen on the daily chart. Consequently, each low is a loading opportunity for traders targeting $ 3.2k, the 1.618 Fibonacci extension level of the first quarter 2021 trading range.
Still, a cause for concern for bullish ETH / USD bulls is the relatively low participation levels. Unlike the increase in early February, the close above $ 2.2k occurs with low trading volumes.
It could mean indecision and hesitancy for traders to saddle with overvaluation fears.
However, if ETH closes higher today, it would be sufficient confirmation for prices to rally towards $ 3.1k in a continuation of the buying trend that was launched in the first quarter of 2021.
Graphic courtesy of Trading View
Disclaimer: opinions expressed are not investment advice. Do your research.
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