By Harry Smith
The explosive development of NFT not long ago led to the congestion of Ethererum network and a substantial increase in gas fees, which discouraged many people. And the increasingly higher threshold of Ethererum allowed other public chains to ride the wave. As a result, many users gradually flowed to other smart contracts public chains such as Solana, Avalanche, and Fantom. However, with the cooling of NFT and the advancement of Ethereum L2, the Ethererum and DeFi ecosystem are back in the limelight again, with Decentralized Exchanges such as UNI, SUSHI and CRV all seeing significant rises.
The ultrasound.money data shows that the total number of ETH destroyed is close to 300,000, exceeding $1 billion in value for the first time. The benign development of liquidity, locked asset volume, number of transactions, number of users and ecological applications has made ETH’s economic mechanism of continuous deflation more valuable. And the downtime of SOL has demonstrated to users that security and high performance can hardly coexist under the current blockchain technology.
Coinbase reportedly plans to increase the size of its bond from $1.5 billion to $2 billion due to the influx of over $7 billion in orders. The bond will be used to invest in or develop other companies. In addition, JumpCapital launched a $350 million crypto fund focused on investing in Defi, public chains and web 3.0, all are promising areas in the coming period.
BTC: This week saw BTC standing back on the $48000 line after several days of strong rebounds following the previous oscillation. Bitcoin is about to see a golden cross with its 50-day simple moving average breaking above its 200-day simple moving average. This pattern was last seen at the end of May, 2020 following the bitcoin halving. Later, it embraced a round of bull market where BTC rose from $10,000 to $65,000. This time if recovered successfully, the bull market may continue.
ETH: After the rebound in recent days, ETH has returned to the 5-day line, and may continue to rise as it is still testing upwards. Now we are looking at the first support line around $3520-$3560 and then at around $3480. If opportunities arise, going long might be a good idea. The upper suppression line might be somewhere around $3610. If the price is steady, going long slightly is viable. Regarding the upward trend, it is possible to reach $3640. And the weekly chart is mainly dominated by rallies.
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