Ethereum Rises Ahead of Upgrade

Ethereum is up this month, reaching a recent high of $2,400 with it currently trading at $2,340 at the time of writing.

That’s up by about 20% since July the second when it fell to $2,000, with it further gaining since yesterday’s $2,200.

One reason might be a return of some bullishness in defi where numerous prominent tokens saw significant gains yesterday.

Aave is up 33% this week, while Uniswap has seen 21% in gains. Compound has jumped 51%. Synthetix likewise has seen 55% of green with Alpha Finance gaining 65%.

This ‘stealth’ mini-bullishness might indicate some return of ‘underground’ demand as defi continues to grow in providing alternative financial services.

That should eventually translate into ethereum which is to get ‘yield’ of its own with a date for EIP1559 now officially confirmed to be on August the 4ths as a github commit is merged.

Pricing-in however usually isn’t a thing in crypto, so holders will have to wait for the actual eth burning to see what effect it might have, starting within less than a month now.

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