Why is ether.fi (ETHFI) Price Up By 50%?
Ether.fi (ETHFI), a liquid restaking protocol on the Ethereum blockchain, has seen its native token, ETHFI, experience a remarkable 50.81% price increase in the last 24 hours.
The token is currently trading at $7.09, with a 24-hour low and high of $4.64 and $7.11, respectively. This impressive performance has propelled ETHFI’s market capitalization to $733,648,302, ranking it 121th among all cryptocurrencies.
According to oanalysist, ETHFI has broken out of an ascending channel, a bullish technical pattern that suggests the potential for further upside.
An ascending channel is formed by drawing parallel trendlines connecting the highs and lows of a price chart, with the price action contained within the channel. A breakout above the upper trendline indicates a continuation of the uptrend and can trigger increased buying pressure.
The 4-hour chart Relative Strength Index (RSI) for ETHFI currently stands at 80. The RSI is a momentum oscillator that measures the speed and change of price movements, with readings ranging from 0 to 100.
reading above 70 suggests that an asset is overbought and may be due for a correction or consolidation. However, in strong uptrends, an RSI above 70 can persist for extended periods, indicating sustained bullish momentum if market stable than investor may book more profits,
so stay tuned.
