Ethereum’s (YFI) Drops 10% as $7,000 Relief Rally Peters Outs

After bouncing just under 60% from its local lows of $12,000 to a local high of $19,000, (YFI) is returning lower. The leading Ethereum-based : Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch Continues Descent Despite Andre Cronje Disputing Rumors

While YFI’s decline from the local highs is far from bullish, the if it can hold $15,600. One analyst recently commented that that price level for the leading cryptocurrency is of critical importance, as it held as resistance at two pivotal moments in August:

“The price action has been so clear on the 4-hr chart. Perfect opportunity to buy support in the $12k and then the break and reclaim of $15,600. Will continue to ride this up as long as this level holds,” he stated. YFI

Image Courtesy of Josh Rager. Chart via TradingView.
Related Reading: MicroStrategy’s Stock Continues to Soar After BTC Purchase

Despite the continued decline in the price of YFI, analysts remain bullish on the fundamental of DeFi.

As reported by NewsBTC, MetaMask recently surmounted 1,000,000 monthly active users, 300% higher than this metric was at a year ago. This is largely due to DeFi, especially projects like (YFI). As the company developing the wallet wrote in a recent blog:

“Additionally, over the last twelve months, significant growth in the adoption of DAOs, Web3 games and the rapid consumer uptake of DeFi products and services has further accelerated our growth curve. It’s not just the ability to buy and store Eth that’s powering our new phase of growth. When you think about it, people don’t really want a wallet. They want to invest, sell, lend, borrow. They want to use sites like Uniswap, Yearn, Curve, Maker and Aave to get that job done. MetaMask is simply the connective tissue.”

Further growth in the DeFi space is likely to buoy’s YFI, along with many other coins pertaining to the space.

Related Reading: MicroStrategy’s Stock Continues to Soar After BTC Purchase
Photo by Clay Banks on Unsplash
Price tags: yfiusd, yfibtc, yfieth Charts from
Ethereum's (YFI) Drops 10% as 60% Relief Rally Peters Outs

The original article is located at

This content is provided by public RSS feed at Please contact us if you have any questions.

Be the first to comment

Leave a Reply

Your email address will not be published.


This site uses Akismet to reduce spam. Learn how your comment data is processed.