Ether.fi Price Surges 6% Following ETHFI Token Purchase and New Staking Contract Announcement
The Ether.fi price surged 6% in the last 24 hours to trade at $2.05 as of 4:19 a.m. EST, fueled by a 5% pump in trading volume to $166 million. This surge comes as Ether.Fi Foundation announced the purchase of ETHFI tokens and a new staking contract.
The Ether.Fi Foundation revealed on Monday that it has bought ETHFI tokens worth 46 ETH, following a community-approved proposal. Additionally, the EtherFi liquid restaking platform team is set to deploy a staking contract for ETHFI on the Ethereum mainnet, enhancing the token’s utility by linking rewards to governance participation and effective balances within the ecosystem.
#Etherfi has introduced a new proposal on Snapshot allowing $ETHFI tokens to be staked on @ether_fi to earn Loyalty points.
If approved, this proposal could enhance the utility of $ETHFI tokens beyond governance, potentially driving a future price increase, with further… pic.twitter.com/NvxhGBTpmc
— 🪂Airdrop Alert Daily 🦇🔊 #AAD (uTube) 🚰 (@AirdropAlertAAD) July 4, 2024
On July 8, the Ether.Fi Foundation announced on the X platform that it had acquired ETHFI tokens worth 46 ETH. This purchase was part of a community-approved plan for an ETHFI buyback and liquidity pool seeding. The acquired ETHFI tokens have been deposited into a weETH/ETHFI curve pool. This transaction represents 5% of the protocol’s revenue from June.
The EtherFi Foundation plans to use up to 50% of protocol revenue to buy ETHFI, starting with an initial 5% purchase. Future monthly purchases will be subject to a community vote. Additionally, the community approved an ETHFI DAO proposal to implement a staking contract on the Ethereum mainnet.
#ETHFI analysis:
Price is approaching a decision zone within a big triangle pattern. The next move will be determined by which side the triangle pattern breaks.
Support Area: $3.40-$3.50
Resistance Area: $4.30-$4.40 pic.twitter.com/rQQmAE6ZC9
— Lorenzo 🔺 (@Lorenzo_Alts) April 23, 2024
This contract aims to enhance utility by connecting rewards to governance participation and balances within the ecosystem. It will also provide incentives and voting capabilities to those who stake their tokens.
Ether.fi Price Statistics
- ETHFI price: $2:05
- Market Cap: $224.48Million
- Trading Volume: $166.25Million
- Total Value Locked (TVL): $5.25Billion
- Circulating Supply: 115.2Million
- Total Supply: 1Billion
Ether.fi Price Indicates Bull Rally Ahead
Technical analysis of the Ether.fi chart shows that price may rebound potential as the buyers begin pumping in price upwards within the falling wedge pattern. The bulls are seen to have regained strength after reaching the support level of $1.77 dollars.
Currently, the market is trading below the 50-day simple moving average (SMA) and the 200-day SMA. However, the bulls are seen to be pushing the price up, creating a chance for it to surpass the 50-day and 200-day SMA. This act will increase the chances of the bulls being able to reach the target price and even surpass it.
Additionally, the Relative Strength Index (RSI) indicates potential bullish momentum ahead, with the orange signal line steadily rising, suggesting a possibility for the blue line to surpass it. The RSI also shows optimism as the market moves above the 50-midline towards the 70-overbought level, favouring buyers.
Moving average convergence divergence(MACD) also shows support. The green histogram bars rise steadily as they increase in size, increasing the chances of a bullish crossover.
Ether Price Prediction
Bullish momentum on Ether’s price is building as buyers aim to recover their losses, potentially forming a bullish crossover. If the price continues upward and surpasses both the 50-day and 200-day Simple Moving Averages (SMA), it could reach $6.6. Conversely, if bears maintain control and push the price below the $1.77 support level, it would negate the bullish outlook and indicate a continuing downtrend.
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Charles Kibue
Charles Kibue is a cryptocurrency researcher and writer with published works on Crypto2Community and a range of other sites. He has also worked as a technical writer, researching NFTs and crypto projects. Charles is an English Literature graduate residing in Kenya. He possesses additional expertise in market analysis and offers accurate and reliable insights, staying up-to-date with the latest developments in the crypto industry. Beyond his professional pursuits, Charles enjoys hiking and horse riding in his leisure time.
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