As Bitcoin prices flatline over recent weeks, Ethereum (ETH) has been rallying slightly higher due to an influx of ETH usage stimulated by explosive growth in decentralized finance (DeFi).
These slight gains have allowed the second-largest crypto by market cap to register positive technical signs against BTC.
In today’s trading, ETH/USD bulls made a comeback as the price went up from $236.16 to $237 after it fell by 1.32% on Monday. At the time of writing, ETH has surged even higher to trade at $240.93.
ETH Has At Least a Month of Bullish Action
The optimism around ETH, especially in regards to its trading pair against Bitcoin, has been echoed by numerous analysts who argue that ETH still has some bullish fuel.
For instance, trader and analyst PolarHunt noted on twitter that the recent ETH price action had enabled it to break past a crucial downtrend against BTC, implying that the asset is primed for at least a month of further bullish action.
Similarly, commodities analyst Peter Brandt shared the chart below recently, showing that ETH can gain 20% in the weeks ahead because of its apparent “significant breakout.”
Further backing up the bullish sentiment around ETH, the top altcoin’s fundamentals are stronger than ever as per an analysis from Coinbase’s Max Bronstein.
For instance, Ethereum’s daily transaction count is starting to pass one million once again, which was last seen at the 2018 highs.
Moreover, the number of users leveraging Ethereum-based DeFi contracts has grown exponentially, with this surge being mostly driven by Uniswap, Synthetix, and 1inch.
Stellar (XLM) Set to Launch Higher
Stellar (XLM) has seen some strong momentum throughout the past few weeks, reaching recent highs of nearly $0.11 that were set last week.
However, XLM is starting to show some signs of decline as its buyers fail to overcome a crucial resistance level that has been tested numerous times. At the time of writing, Stellar is trading down 0.01% at its current price of $0.0956.
The current signs of weakness may not represent XLM’s near-term outlook; however, as one analyst is noting that the coin could be gearing up for another rally.
As per crypto analyst SmartContracter, XLM still has some more fuel left in its tank to sustain a fresh leg higher.
He explained that XLM could get “absolutely launched” soon, putting forth the chart below that shows an XLM upside target against BTC that is about 60% above its current price level.