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Ethereum Violates Downward Channel – Can it Test 2,633 Level Today?

Posted Monday, June 14, 2021 by
Arslan Butt • 2 min read

The ETH/USD closed at $2,507.86, after placing a high of $2,507.86, and a low of $2,369.70. The ETH/USD remained green throughout the weekend, placing gains for the day, amid recent positive developments in the market. A famous French music icon, DJ David Guetta, has listed his exclusive beachfront apartment on Miami Beach for $14 million. For the sale of the apartment, he is also prepared to accept payments in BTC, ETH or fiat currency. A local real estate company, Freud Group, which has also managed property deals for many other celebrities, will host the sale. The potential buyer will have an option to pay $14 million in cash or cryptocurrency, including BTC and ETH.

Decentralized finance has become popular and has marked the birth of an open alternative to the current financial system, with broader financial inclusivity. Defi came into existence with the foundation of Ethereum in 2013. The platform hit the ground in 2016 and 2017, with the backing of the developers of Ethereum and some entrepreneurs and experts in the financial investment sphere. The major milestone it provided was to remove the intermediaries between parties in financial transactions.

Many Defi applications are built on Ethereum, as it is an open-source platform that uses blockchain technology to generate and run decentralized digital applications. The rapidly expanding use of Defi has provided consumers with an alternative and better version of traditional financial institutions, like banks, payment processors and clearinghouses.

Defi is a solution to the issue faced by traditional banking and financial institutions, as the system is designed to do the work without intermediaries between transacting parties. The increased volume of trading tokens locked in smart contracts indicates that the system is gaining strength in the ecosystem. The exponential growth of the concept has potential in the future, and it indicates a bright future for Ethereum, and most Defi apps are built on its platform. With the rising growth and use of Defi apps and smart contracts, the ETH/USD is gaining strength all over the market.

ETH/USD Daily Technical Levels

Support Resistance
2,415.76 2,553.92
2,323.65 2,599.97
2,277.60 2,692.08
Pivot Point: 2,461.81

On the technical side, the ETH/USD is trading at 2,493, having disrupted the downward channel at 2,393. On the higher side, the ETH/USD may head further upwards until the next target level of 2,633, and a bullish crossover at the 2,633 level could extend the buying trend until the 2,905 level. The leading technical tools, like the RSI and MACD, are supporting a bullish trend in the ETH/USD pair. On the way to the upside, the ETH/USD pair may face resistance at 2,519 today. Good luck!