ETHFI Rallies as DeFi Recovery Takes Hold
ETHFI is experiencing a price surge as DeFi (Decentralized Finance) makes a genuine recovery. According to Michaël van de Poppe, there's strong continuation potential from current levels.
The $0.66 zone has been identified by the analyst as an area for dip buys, and he's setting his sights on the $1.30 high. This aligns with ETHFI moving above both its 50-day exponential moving average (EMA) at $0.64 and its 200-day EMA at $0.55.
Currently, the price action on the 4-hour chart is at $0.74 within the Bollinger Bands, pushing against the upper resistance at $0.78. The Relative Strength Index (RSI) is holding neutral at 63.47, while the Moving Average Convergence Divergence (MACD) has printed a bullish golden cross at 0.04.
As price tests the upper Bollinger resistance at $0.78 and the RSI flashes neutral, it seems probable that ETHFI will experience a healthy retracement to its 50-EMA support at $0.64 before further continuation.