ETH reserves on crypto exchanges are starting to rise.
ecosystem — has dampened interest in the overall decentralized finance sector.
ETH’s bullish prospects remain glued to anticipations of a boom in the DeFi market, because Ethereum’s blockchain host a majority of financial applications in the sector. As of June 5, the total valued locked inside the Ethereum-based apps was $68.71 million, almost 65% of the total DeFi TVL.But, the TVL still reflects a massive retreat from Ethereum’s DeFi pools, which, before the collapse of Luna Classic and TerraUSD Classic on May 9, was hovering around $100 billion.
In detail, Ether has been fluctuating inside a range defined by a horizontal trendline support and a falling trendline resistance. The pattern looks more or less like a “descending triangle,” a bearish continuation pattern when formed during a downtrend.As a rule of technical analysis, descending triangles resolve after the price breaks decisively below their support trendline and then falls by as much as the triangle’s maximum height.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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