Ether.fi (ETHFI) has seen its price increase today by more than 10%. This continues a bullish move that started earlier this month.
It began to spike following a bottom at $1.71. Today’s move makes it more than 60% price increase since it started to recover. What are the main triggers behind this growth?
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Staking Growth
The Ether.fi foundation announced on July 20 that its staking pool has seen more than 5.3 million ETHFI since it started. The announcement shows the support and confidence the community has in the token’s potential.
Furthermore, staking a token helps the price to remain stable, reduces the number in circulation and potentially makes the price grow.
The continued and increasing staking amount, plus new users coming into the ecosystem, is catalyzing its price growth.
On Monday, July 22, the developers also announced updating the vesting claim period for season 2 ETHFI. Based on the post, the next claim will be available from Thursday, July 25.
Favourable Price Action
The price action is also triggering growth. The price of ETHFI has been going up since the beginning of July after bouncing off the base of a descending channel.
The price has been trading inside a descending channel since March. With the top of the channel serving as the resistance and the base as support.
When the price reaches the resistance, it starts to fall until it reaches the base support. And when it reaches the support, it starts to rise until it reaches the resistance.
The price is now getting close to the resistance and short-term investors may start to take profit, triggering a bearish move.
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Anticipation of Ethereum ETF
Additionally, there are rumors that the Ethereum Spot ETF may start trading this month.
In anticipation of this, investors have been investing into various Ethereum-linked assets to benefit from the potential spikes that might follow the launch. This has also been increasing the value of the ETH tokens.
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