Ethereum Jumps by 8% and $2.5 Billion More in Market Cap Thanks to DeFi Bull Rally

Ethereum, which had been trading sideways for the past month, suddenly had a massive spike above the crucial $250 resistance level peaking at $270 with a decent increase in trading volume.

The recent announcement about Ethereum 2.0 final testnet to be launched on August 4 seems to have helped spark the mini bull run but it’s definitely not the only reason.

‘After discussions with client teams, the next multi-client testnet (mainnet config including min validator numbers) will have a min genesis time of August 4th,’ Said platform’s launch coordinator Danny Ryan.

This doesn’t mean Ethereum 2.0 is on the verge of a launch as even Vitalik himself warned users about other possible delays, however, it is a step in the right direction.

The rise of DeFi projects has been notable and coins have been experiencing massive bull rallies. Practically, any DeFi project with a cryptocurrency is going up non-stop. If we keep in mind that Ethereum is the platform that the majority of these tokens are using, it’s not hard to understand why the digital asset is seeing a massive value boost.

Ethereum Aiming to Hit $300

If we take a look at the daily chart, we can observe that Ethereum is in a robust uptrend and will practically encounter no resistance levels until $288, the 2020-high formed in February. The daily RSI is overextended right now but doesn’t necessarily indicate that ETH will have a pullback just yet as the trading volume continues increasing.

The most likely scenario for ETH is another leg up or forming a daily bull flag which will happen within the next few days.