. Daily Crypto Analysis - Ethereum Ignites $10B DeFi Surge Worldwide

Daily Crypto Analysis – Ethereum Ignites $10B DeFi Surge Worldwide

Daily Crypto Analysis – Ethereum Ignites $10B DeFi Surge Worldwide

06 Nov 2023

Introduction:

In the world of cryptocurrencies, Ethereum recent surge has ignited a $10 billion boost in the DeFi market, propelling its price to $1,900. This surge has not only enhanced the value of DeFi tokens within Ethereum ecosystem but has also intensified trading activity on decentralized exchanges like Sushi Swap and Uniswap. Furthermore, the global cryptocurrency market has experienced a two-day rally, primarily driven by Ethereum impressive performance. Additionally, Doge coin has drawn attention with a 4% increase, while Bitcoin’s trajectory has been less favourable. Lastly, XRP’s future value hinges on a potentially advantageous $20 million settlement with the SEC.

ETHEREUM:

Ethereum surge fuels $10 billion boost in DeFi market.

The DeFi market has experienced a substantial increase of $10 billion, driven by the continuous surge in Ethereum, which has propelled its price to $1,900.

Ethereum remarkable price surge has significantly boosted the market worth of DeFi tokens existing in its ecosystem, subsequently resulting in heightened trading activity on decentralized exchanges like Sushi Swap and Uniswap.

Over the course of two days, the worldwide cryptocurrency market has witnessed a rally, resulting in a 0.47% rise in the total market capitalization to reach $1.32 trillion by Monday. This upswing was primarily spearheaded by Ethereum, which recorded a 25% gain over two weeks and a 16% increase over a month. Ethereum token price ascended to $1,888.56, elevating its market capitalization to $227 billion.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 1870.18 | Positive Crossover | Bullish
  • MA 20: 1833.52| Positive Crossover | Bullish
  • MA 50: 1777.96| Positive Crossover | Bullish

Simple:

  • MA 5: 1873.37 | Positive Crossover | Bullish
  • MA 20: 1829.69| Positive Crossover | Bullish
  • MA 50: 1779.40| Positive Crossover | Bullish

RSI (Relative Strength Index): 69.42| Buy Zone |Bullish

Stochastic Oscillator: 81.97| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 1896.79| R2: 2023.85
  • S1: 1819.88| S2: 1722.90

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 1933.34 | Take Profit: 2023.38 | Stop Loss: 1872.70.

Elsewhere In the Crypto Market

Doge coin (DOGE/USD) has garnered significant attention lately, registering a 4% price increase and crossing the $0.69 threshold on Monday. This surge stands in contrast to the declining trend seen in Bitcoin (BTC/USD).

XRP’s value might continue to rise if Ripple secures a favorable outcome in its expected $20 million settlement with the SEC.

Bitcoin up (0.53%) at 35232.00, Ethereum up (0.07%) at 1,896.8, Litecoin up (1.31%) at 72.76, Solana down (2.69%) at 40.50, Doge coin up at (1.72%) at 0.72 as of writing time.

Key Economic Events & Data Release Today:

(JPY) Monetary Policy Meeting Minutes at 05:20.

(GBP) Construction PMI (Oct) Forecast 46.0, Previous 45.0 at 15:00.

(CAD) Ivey PMI (Oct) Previous 53.1 at 20:30.

(GBP) BoE MPC Member Pill Speaks at 22:30.