Here’s Why Ether.fi (ETHFI) Crypto Price Is Pumping

Ether.fi (ETHFI) has seen its price increase today by more than 10%. This continues a bullish move that started earlier this month.

(ETHFI) is among the tokens that have been performing well in the past few days. The token has seen double-digit gains today, continuing a bullish move that started earlier this month.

The price of ETHFI started spiking following a bottom at $1.71. Today’s move brings the total gains to over 60% since it started recovering. But what are the main triggers behind this growth?

Staking Growth Among the key triggers for the growth in the price of ETHFI is the growth in its staking pool. On July 20, the Ether.fi foundation announced that more than 5.3 million ETHFI have been staked since the launch of the pool.

This announcement highlights the support and confidence that the community has in the token’s potential. Moreover, staking a token helps to stabilize its price by reducing the number of tokens in circulation, which could potentially lead to an increase in its price.

The continuous increase in the staking amount, coupled with new users entering the ecosystem, is catalyzing the growth in the price of ETHFI.

Furthermore, on Monday, July 22, the developers also announced an update to the vesting claim period for season 2 ETHFI. According to the post, the next claim will be available starting Thursday, July 25.

Favorable Price Action Another factor contributing to the growth in the price of ETHFI is the favorable price action. The price of ETHFI has been on an uptrend since the beginning of July following a bounce off the base of a descending channel.

The price has been trading within a descending channel since March, with the top of the channel acting as resistance and the base serving as support. As the price reaches the resistance, it tends to fall until it reaches the base support.

Conversely, when it reaches the support, it starts to rise again until it reaches the resistance. At the moment, the price is getting close to the resistance, and short-term investors may be looking to take profits, which could trigger a bearish move.

Anticipation of Ethereum ETF In addition to the favorable price action, rumors of the Ethereum Spot ETF starting to trade later this month have also influenced investors’ decisions.

In anticipation of this event, investors have been allocating funds to various Ethereum-linked assets to capitalize on the potential spikes that may follow the launch. This has also been contributing to the increase in the value of ETH tokens.