Dan Tapiero noticed in a tweet that the Ethereum (ETH) price has broken above its 11-month level of resistance. He is guessing, whether the potential catalysts for a future upsurge are sufficient for further growth.
Searching for the catalysts
Mr. Tapiero revealed a chart of how Ethereum (ETH) price growth is gaining power. It is ready to reclaim the huge stronghold of the bears. The crucial resistance level is printed by the line between two peaks, of June 2019 and February 2020.
Fascinated by this perspective, Mr. Tapiero asked Crypto Twitter about the potential catalysts that may push the Ethereum (ETH) price forward in mid-term horizons.
Mostly, the comments emphasized the importance of the DeFi allocations upsurge and the movement of capital from Bitcoin (BTC) investors. Also, some speakers highlighted the significant number of 'noobs' entering crypto investments right now.
Mr. Tapiero is very skeptical about the spike of the Ethereum Grayscale Trust (ETHE) stock price. He believes it has nothing in common with properly manned crypto adoption:
I take your point on noobs entering when I see something as totally ridiculous as the Grayscale trust premium. Horrible to encourage retail to own this thing at 800% premium. Not a great way to encourage adoption....into products that do not reflect a real price...embarassing.
Technology may be involved
Besides purely speculative reasons, the Ethereum (ETH) price is influenced by a number of great technological milestones reached by Ethereum (ETH) itself and some projects built atop this chain.
For instance, as U.Today Crypto News reported yesterday, Ethereum (ETH) 2.0 coordinator Danny Ryan published a long-read about its progress. This impressive text will strengthen the bullish narrative of the Ethereum (ETH) community.
Also, Ethereum-based OMG Network has inked a partnership with Tether (USDT). All ERC-20 Tether (USDT) transactions on Bitfinex will be confirmed through the Plasma scalability solution by OMG.
Another layer-two Ethereum (ETH) scalability solution by Matic Network has gone live in a mainnet version. Thus, the first days of Summer are particularly fruitful for the Ethereum (ETH) ecosystem in terms of technological progress.