- Ether.Fi price rose 10%, hitting a new high of $5.35 amid recent upward momentum, as altcoins are expected to rebound.
- If bullish sentiment prevails, ETHFI could target $10.
Ether.Fi price rose 10%, reaching a seven-week high of $5.35 for ETHFI, the native token of the Ethereum liquidity re-staking platform.
Importantly, Ether.Fi price at current levels is trading above important support and resistance areas.
With the price up 47% in the past week, could the uptrend strengthen and reach $10? The last break above $5 saw ETHFI rally to an all-time high of $8.53 on March 27th.
Ether.Fi launches ether.fi Cache
On May 24, the Ether.Fi team announced the launch of ether.fi Cash, a mobile wallet and Visa credit card that allows users to store, spend, or invest their ether.fi assets.
Cash allows users to borrow or pay for everyday transactions using USDC. Users can also use equity and liquid rewards to pay off their balances.
“Cash is the third in a trilogy of products: ether.fi Stake, ether.fi Liquid and ether.fi Cash. Combining these integrated products will allow users to store, invest, and spend cryptocurrencies so they never have to leave the frame again,” the protocol stated in the announcement.
ETHFI price soars above $5
As Ethereum surged earlier this week, ETHFI prices surged along with major altcoins, according to data from CoinGecko. ETH price reacted sharply to news of the impending approval of a spot ETF, reaching a high of $3,900.
The upward momentum also affected ecosystem tokens, with ETHFI rebounding from its low of $3.23.
Read more: Ether.Fi (ETHFI) token dump after trading debut
The price faced initial rejection at horizontal resistance, but a retest of this area showed an uptrend hitting $5.35 on May 23.
The Relative Strength Index (RSI) on the daily chart is 66, indicating that buyers have the upper hand. Additionally, the MACD indicator is strengthening above its signal line, reflecting an overall bullish outlook for ETHFI.
If the bulls turn the key resistance area into a strong support area, we could see a surge to $6.14, targeting ATH.