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Ethereum hit a high of $4,000 and is now back near $3,900. According to the daily chart, Ethereum price ended the bearish pattern with 5 green candles, but the downside risks still exist. The overall trend remains volatile.
DeFi and NFT concepts based on Ethereum blockchain have performed well in the past year. DeFi, which aims to provide financial services to users through smart contracts, has locked up more than $70 billion. NFT empowers art collections with online credentials through blockchain technology. A number of recent NFT projects have sparked global interest. These new developments enrich the Ethereum ecosystem.
The price of Bitcoin bumped over $51,000 on Friday, touching its highest level since the middle of May. It is the second time that BTC regained the $50,000 level in the past week as adoption expanded and regulatory clarity emerged. The main driver of Bitcoin price recently has been Ethereum, which has been rising since the implementation of the London hard fork. From a technical point of view, the selling pressure above $50,000 is still heavy. Bullish sentiment exists on the Bitcoin daily chart, with a moving average above $48,000. Overall, Bitcoin is expected to maintain a volatile uptrend in the future, with important resistance above $51,500 and support zone below $48,000.