Ethereum to Rally as EIB Plans to Launch Digital Bond on the Network
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Wednesday’s trading session for Ethereum (ETH) will get dictated by emerging news reports that the European Investment Bank (EIB) could launch a “digital bonds” sale on the Ethereum blockchain.
The world’s largest altcoin is well-known for providing support for decentralized finance (DeFi) and decentralized app (DApps) projects. Investors got excited at the break of the report by Bloomberg yesterday, which noted that the EIB was considering issuing a two-year 100 million euro digital bond on the Ethereum network. This development was responsible for yesterday’s ETH boom.
Based on the report, the digital bond sale will be spearheaded by behemoth investment banks Goldman Sachs, Banco Santander SA, and Societe Generale AG. Apart from the growing interests in DeFis, DApps, and NFTs, the recent increased adoption by institutional investors has caused Ethereum to post significant price gains, dragging the entire cryptocurrency market along.
Meanwhile, the recent ETH rally also has roots in the diminishing supply of Ethereum across the globe. The number of Ether available on exchanges has been on a steady decline because of the growing interest by retail and institutional investors. This influx of purchase could diminish the likelihood of a selloff anytime soon.
Key ETH Levels to Watch — April 28
Ethereum flew through record highs yesterday, as bulls regained market dominance. However, the second-largest cryptocurrency is in the middle of a correction from its recent journey to the $2,719 high and could touch the $2,535 support today.
The correction should get followed by a spike to the $2,700 area and higher.
Meanwhile, our resistance levels are $2,650, $2,719, and $2,750, and our support levels are $2,570, $2,535, and $2,500.
Total Market Capitalization: $2.06 trillion
Ethereum Market Capitalization: $302 billion
Ethereum Dominance: 14.6%
Market Rank: #2
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