Ethereum Price Struggles to Break Resistance
Ethereum’s price is currently facing a significant challenge near the $1,840 resistance against the US Dollar. The digital currency has been struggling to break through this level for a while now, and analysts believe that it could attempt another upside break if it clears the $1,825 and $1,840 resistance levels. However, if it fails to do so, the price may start another decline, and the next major support is near the $1,770 zone.
Despite the challenges, Ethereum has continued to gain popularity among investors and traders, thanks to its unique features and use cases. One of the most significant developments in the Ethereum ecosystem is the growing popularity of decentralized finance (DeFi) applications. These applications allow users to access financial services without relying on traditional banks or intermediaries, and they are becoming increasingly popular as more people seek alternatives to the current financial system.
Ethereum’s Growing Popularity in DeFi
One of the most prominent DeFi projects on the Ethereum network is Uniswap, a decentralized exchange that allows users to trade cryptocurrencies without relying on centralized intermediaries. Uniswap has become one of the most popular DeFi projects, with over $3 billion in total value locked in its smart contracts.
Another popular DeFi project on the Ethereum network is Aave, a decentralized lending platform that allows users to borrow and lend cryptocurrencies without relying on traditional banks. Aave has become one of the most popular DeFi projects, with over $2 billion in total value locked in its smart contracts.