17 August 2021 | ZebPay Trade-Desk
So far year-to-date, Ether (ETH) has outperformed Bitcoin (BTC) in terms of market performance, rising more than 320% against BTC’s 54% returns. ETH has gained over 60% in the last 30 days, and the bullish sentiment that has set it only seems to get stronger as the asset has been benefiting from strong volumes and good momentum. The rapid growth of decentralized finance (DeFi) applications has resulted in strong inflows from institutional investors.
ETH witnessed a massive rally from $1,721 on July 20 to $3,340 on August 16 surging almost by 94%. Post this move, the asset is now consolidating and trading in a range from $3,000 to $3,300. The volumes are also declining which indicates indecision at these levels. Hence, we conclude that breakout on either side with good volumes will further decide the trend for the asset.
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