Ethereum price continues to show significant upside, rising past $1,500 and trading at $1,538 at the time of writing. ETH saw considerable price growth of over 43% in the past seven days, caused mainly by the “merge trade,” as investors and traders anticipate a network merge in September, which will switch Ethereum’s consensus model from proof-of-work to proof-of-stake.
While Ethereum price registered substantial growth over the past week with the successful integration of the Shadow Fork 9, bringing the cryptocurrency closer to a sustainable proof-of-stake network, Lido DAO, a liquid staking solution for ETH2.0, saw even more significant growth of over 159% in the past seven days.
Lido is a liquid staking solution for ETH 2.0 backed by industry-leading staking providers. According to Lido’s official website:
“Lido lets users stake their ETH – without locking assets or maintaining infrastructure – whilst participating in on-chain activities, e.g., lending.”
Lido’s goal is to solve problems associated with ETH 2.0 staking, liquidity, immovability, and accessibility, enabling users to not only stake their ETH but also simultaneously utilize it for other purposes. This means users can help secure the ETH network while earning additional rewards with their tokens.
Users who stake ETH with Lido receive stETH tokens on a 1:1 basis representing their staked ETH. Lido’s stETH can be used like regular ETH to earn dividends, yield farm, and earn lending rewards.
Lido DAO is the Decentralized Autonomous Organization that governs the protocol and features its LDO token, directly correlating with the platform’s success. With Ethereum’s price hike, it seems many are flocking to Lido to stake their ETH and capitalize even further on their digital assets.
It’s worth mentioning that Ethereum Classic (ETC) is also up over 77% in the past week, and Polygon (MATIC) has been performing exceptionally well, rising by 61% in the past seven days.
Last but not least, it seems liquidity and lending protocols, in general, are showing bullish momentum this week, with Aave (AAVE) also up 46% in the past seven days.
With Ethereum prices rising past the $1,500 emotional level, chances are the cryptocurrency will test it as support before attempting to breach above $1,600 and $1,700.
With stock markets opening in the green today, Bitcoin will likely continue its bullish rally, causing Ethereum and other altcoins to amplify the positive price action and register additional gains.
Ethereum will likely test $1,600 during the next few days and possibly breach the $2k level if global markets continue to perform well.
The good news is that with the global cryptocurrency market cap safely above the $1 trillion level, currently at $1,028T, this week’s short-term sentiment for Bitcoin, Ethereum, and most other digital assets is highly bullish.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency.
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