Ethereum’s failure to flip $2,000 to support was followed by another shallow sell-off, but steady inflow into ETH LSDFi protocols could be helping ETH price find stable underlying support.
With annual DeFi yields hovering around 1-3% for ETH on Aave and Yearn.finance and between 3-5% for stablecoins, LSD derivatives offer a base rate of 4% with an opportunity to earn additional yields by using their liquidity in DeFi applications.
Additionally, LSD tokenholders are also exhibiting a shift from providing liquidity on DEXs like Curve and Balancer to chasing higher yields on lending protocols like Compound and Aave. Glassnode’s analysts wrote, “This leveraged staking position is estimated to amplify yield by 3x.”Related:Ether price analysis
Technically, the price can take two paths from here: find support at the base of the ascending triangle around $1,790 before making a break for the $1,900 resistance level again, or a continued drop toward the long-term resistance and support level of $1,700.
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