Ethereum continues to rise and may reach $3,400
On-chain data supports Ethereum's rise
The on-chain data confirms the positive trend of Ethereum. According to the DeFi Report, the total value locked (TVL) in the network surpassed $63 billion in the last quarter. This represents an increase of more than 30% compared to the first quarter of the year.
In addition, the supply of stablecoins on the Ethereum network reached $137.4 billion. Part of this is due to the involvement of institutions such as BlackRock and PayPal. This increase reinforces the confidence of major players in the network's infrastructure.
Ethereum (ETH) continues to show strength in the market, with an appreciation of 2.5% this Tuesday (15). The current upward trend has lasted for eight consecutive days and brings the asset back into the radar of investors.
During this period, ETH closed only one daily candle in the red. Since July 8, its price has risen more than 20%. As a result, the asset is very close to breaking the $3,100 mark again, currently trading at its highest level since early February.
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