A top trader calls Defi bullish as it was booming higher over the past few weeks with the stability seen by BTC that had its price action booming so let’s read more in our latest crypto news today.
Ethereum remains the leader in this sector and it also saw some stable price action, following Bitcoin as of late. If ETH can push higher in the near-term, there’s a chance of creating further tailwinds which will boost the DeFi sector and will also help the token see more gains. The top trader said that Ethereum could soon push above $470 once again which could boost the decentralized sector higher with more momentum building in the upcoming days and weeks.
Ethereum was providing the entire sector with strong tailwinds lately with the recent stability allowing the coin to act as a strong base for the market to grow higher. Bitcoin was guiding Ethereum most of the way and made it vital for ETH that it remains steady around the current price level by shielding from seeing much volatility. If Bitcoin starts seeing rallies that will come at the expense of other altcoins or drop lower and create headwinds for the market, It could slow the growth by the DeFi blue chips tokens.
The tokens have seen massive momentum as of late with many posting gains of about 100% or more in the past two weeks. One top trader believes that Ethereum could rally higher soon and will help other Defi coins surge along with it. Ethereum was seen stable in the upper $400 region over the past few days. Just before the weekend, Ethereum was trading stable in the upper $400 region over the past few days and weeks. Earlier this week, the buyers tried to hold it above $470 at which point it faced strong selling pressure which sent it down to a price of $453.
The DeFi tokens were seeing some immense strength compared to the rest of the market with many trading well above 100% from the recent lows. One trader known for his seven-figure positions said in a tweet that he expects ETH to rally towards $471 in the near-term. he noted:
“DeFi looks pretty neutral to bullish and I think ETH looks primed for a 471 resistance tap. Added to longs. Will add more on 471 break and hold as well.”
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