The Ethereum price rallied during the weekend as interest in digital currencies kept rising. The ETH price soared to an all-time high of $2,192, which is slightly below the important psychological level of $2,200.
Ethereum news: ETH rallied during the weekend mostly because of the price action in the Bitcoin market. After weeks of struggling, the BTC price managed to move and stay above $60,000 during the weekend.
And as I wrote on Friday, the price is about to have a major breakout because it has finished forming the ascending triangle pattern. Historically, other digital currencies, including ETH, usually track the performance of BTC.
ETH also rallied because of the performance of the DeFi industry. As shown above, after weeks of consolidation, the industry has continued doing well. The total value locked rose to more than $51 billion, led by the resurgent Uniswap. The DeFi ecosystem is important for ETH since all these projects are built on the network.
DeFi Total Value Locked Growth
Ethereum Price Prediction
The daily chart below reveals that the ETH price managed to move above the important resistance at $2,036 on April 2. This was a notable price since the currency had struggled to move above it in February this year. In the past few days, as shown in green, the price has been in a consolidation mode and has moved slightly above the 25-day and 15-day moving averages.
Therefore, in my view, it is just a matter of time before the ETH price breaks out above $2,200 as it eyes $2,500, as I have predicted before. However, a drop below $1,927 will invalidate this trend.