"The growth of Ethereum will depend on Bitcoin's upcoming price action"

Bitcoin's rise above $ 9,700 has brought the coin to a critical resistance level at $ 10,000, while Ethereum established a rally close to $ 310, which is a new high for ETH this year.

Bitcoin's weekend rally was a bit of a surprise as the weekends are often marked by low trading volume and some investors generally avoid trading on weekends due to the negative volatility that often occurs at times. this.

While ETH is hovering around $ 309, the total value of funds locked up in decentralized financial platforms (DeFi) hit $ 4 billion on July 25.

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Total locked value (USD) in DeFi.

Currently, the top three DeFi platforms are Maker, Aave, and Compound with each recording $ 875 million, $ 639 million, and $ 616 million locked up, respectively.

Data from DeFi Pulse shows that the decentralized financial sector has seen very strong growth in 2020 when total value locked at the beginning of the year was just under $ 1 billion.

As stated in the previous analysis period, Ethereum is expected to resume retesting the $ 317 resistance level once it has successfully defended the $ 288 support.

After rising around 30% this week, Ethereum price is predicted to have a period of consolidation in a positive direction if Bitcoin bulls continue their bull run to $ 10,000.

“If next week the Bitcoin price closes above the $ 10,000 zone, it will likely push ETH to the target of $ 367. ETH is depending on where BTC is going, ”said BitSpeed ​​analyst Ruia Ravi.

Bitcoin is approaching a critical resistance level

As ETH rallied to new highs this year, Bitcoin's price has also seen some positive moves as it is attempting to retest resistance at $ 10,000.

At the time of writing, Bitcoin price is hovering around 9,900 USD.

Analysts are currently closely monitoring bitcoin's price to see if it can disrupt the current gloomy atmosphere.

A rally above $ 10,000 would be the answer, as this will place prices above the long-term downtrend line from 2017 all-time high.

According to analyst Van de Poppe, a big move is likely to happen soon, as some key resistance levels have not been tested.

Poppe says:

“Today's bull run is facing resistance at $ 10,000 as the lower support levels are well maintained. What is next? Maybe a quick correction to the $ 10,100 high is entirely possible ”

At the time of writing Bitcoin price was slightly down from a new week high of $ 9,987 but according to the daily chart it shows the digital asset continues to hit higher and the price will remain above the 20-day moving average.