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Ethereum prices have surged recently, fueled by an unprecedented surge in trading volume. The 24-hour trading volume has surged to $24 billion, and technical traders are predicting further upside. It appears that the recent increase in demand for ETH is driven primarily by increasing trust in Ethereum-based DeFi and DeFi tokens.
All signs point to a bright future for Ethereum and the entire DeFi ecosystem. With the Ethereum 2.0 upgrade scheduled for later this year, the underlying fundamentals are sure to improve and further drive demand for the digital asset.
True believers will likely view the recent dip as an ideal buying opportunity, as Ethereum is still trading just over $2,000 – a far cry from the recent record high of more than $3,500 in mid-May. Long-term investors should therefore take a long-term outlook and aim to accumulate as much ETH as possible in order to benefit from the expected bull market. Those who want to take more advantage of short-term opportunities in the market should also consider buying on any dips.