Ethereum (ETH) is bullish today following the news that Visa Inc, one of the world’s leading payment service providers has chosen to settle USDC transactions using the Ethereum network. The news which came after the payment giant noted it will begin adding cryptocurrencies to its payment network is historic for the Ethereum network that has already gained massive traction as the blockchain of choice for decentralized finance (DeFi) applications.
Fueled by the news, Ethereum is leading the market surge, outperforming Bitcoin (BTC) per rate of gain for the first time in more than a week. At the time of writing, Ethereum is being exchanged for $1,842.24, up 4.24% in the past 24 hours according to CoinMarketCap. In sharp contrast, Bitcoin is trading in response to bullish sentiments but trails behind, rising 2.35% to $59,305.07.
The ETH-USD 4-hour Chart on TradingView as seen below showcases this ongoing bullish surge in a proper perspective. The coin’s bullish trend is confirmed by the three indicators including the Donchian Channels, the Awesome Oscillator, and the MACD whose line is well above the signal line. A top at $2,000 is the targeted trend for Ethereum, should the bulls sustain the aggressive buyup.
Ethereum is now trading slightly below its weekly high of $1,850, a sustained growth will to a large extent help it breach and surpass this price level. A major confidence that is poised to influence a more bullish upsurge is the fact that the growth correlation with Bitcoin has been remarkably tempered down. Per the Visa news boost, Ethereum may likely forge its own path toward new heights.
Ethereum’s Growth Rubs Off on DeFi Tokens
The growth of Ethereum and the ongoing bullish pump is also reflecting positively on its underlying DeFi tokens including but not limited to Uniswap (UNI), Aave (AAVE), and Synthetix Network Token (SNX). It appears that these token holders believe a mainstream embrace of Ethereum through Visa will correspondingly have a rub off on their future valuations and as such, are stacking up more position at this time.
The only token in the top ten cryptocurrencies by market capitalization, UNI is trading at $28.62, up 1.80% at the time of writing, Aave is up 2.87% to $366.73 while SNX is currently exchanging hands at $17.81, up 3.77% in the past 24 hours.