Ethereum’s price exploded in the past 24 hours and the coin is up by more than 7%.

Ethereum price explodes

At the moment of writing this article, ETH is trading in the green and the coin is priced at $427.25.

As Decrypto also notes, ETH’s price has exploded in part because of the explosion in interest and use of DeFi, a mostly Ethereum-based trend.

It’s also important to note the fact that the last time ETH was above $429 was August 1, 2018.

There have been all kinds of bullish predictions for the price of ETH and this is mostly due to the strong fundamentals behind the coin.

You may recall that back in March, IBTimes was writing that “Also, the case for a $500 Ether before the end of the year is asserted by crypto whale Angelo฿TC, who has a history of making accurate predictions.”

Angelo฿TC tweeted the following message:

DeFi movement is just getting started

The DeFi movement has been gaining massive popularity this year despite the global crisis in the middle of which we are due to the pandemic.

At the beginning of the month, it’s been revealed by the online publication the Daily Hodl that the amount of value locked in DeFi has soared to $4 billion, according to the DeFi analytics and ranking site DeFi Pulse.

Ethereum miners are cashing in

Just the other day, we were revealing that ETH miners are cashing in big-time since over 42% of the miner revenue is currently derived from fees.

Bullish predictions about the price of ETH continue to pop up.

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