The use of the Ethereum cryptocurrency and its blockchain is currently at the top. Users lock their coins into various decentralized protocols, thereby reducing the supply of ETH in the market. This is a positive trend that can lead to an increase in the price, according to Ryan Sean Adams.
Ryan confirms data from the DefiPusle website that the number of ETH deposits in various DeFi protocols is at a historical high and the trend is not going to go away.
The Ethereum has gradually risen over 250 dollars higher than the US Dollar over the last few days. ETH values were higher than the resistance of $260, and the daily moveable 100 hours.
The upward push recently resulted in a rise in Ether rates over Bitcoin and gain above $270. This has gone past 280 dollars and paid a new monthly high of 281 dollars.
The trend of "freezing" Ethereum in decentralized protocols has been going on for several months. Earlier, we reported that the volume of ETH cryptocurrency on centralized exchanges has fallen to historical lows. At the same time, DeFi protocols are gaining popularity.