The price of Ethereum (ETH) hit $500 on Binance for the first time since July 2018. The timing of the ETH rally is noteworthy because it comes merely two days after it dropped to $456.
Within two days, from its lowest point on November 18, ETH has rallied by nearly 10%.
Several key reasons appear to be buying the sentiment around Ethereum. The main two reasons are likely the resurgence of decentralized finance (DeFi) and the imminence of ETH 2.0.
The 4-hour price chart of Ethereum. Source: ETHUSD on TradingView.com DeFi Recovery and ETH 2.0 Fuel Ethereum Rally
In the past week, major DeFi tokens in the likes of Yearn.finance (YFI) and Aave posted large gains against both ETH and the U.S. dollar.
Following a capitulation-esqe drop, the recovery of DeFi tokens likely boosted the market sentiment around Ethereum and the altcoin market, in general.
Atop the rebound of DeFi tokens, the impending ETH 2.0 mainnet release has investors