Ethereum analysis for April 13, 2021
Looking at the chart on the four-hour time frame, we see that Ethereum made a new high at $ 2225, that it still stands in the same position without making any pullback for now. We can continue to be guided by this growing channel with its lines as potential resistances and supports. Moving averages are on the bullish side and, for now, provide good support for Ethereum to move on to higher levels on the chart. The MACD indicator also gives a bullish signal, and the blue MACD line is still above the signal line on the green side of the indicator.
For those unfamiliar with the situation with Ethereum, it becomes too expensive to send transitions online. At the time of publication, the average cost of sending an Ethereum transaction is just under $ 20. Complex smart contracts like those found in decentralized funding protocols can easily cross over $ 100 as the network becomes increasingly congested. Two-tier solutions are a protocol that can lighten the burden and offer much faster and cheaper transactions. The total value of ETH locked in the Defi protocols peaked at $ 52.37 billion on April 10, and the value of Ethereum locked in the ETH2 contract reached $ 8.07 billion, meaning that Ethereum was locked at $ 60.44 billion.
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