Ethereum Sentiment: ETH/USD switches to recovery mode on January 30
|- ETH/USD is off the recent lows, but the upside is limited.
- Ethereum platform dominates in dApps space.
Ethereum is changing hands marginally below $106.00 amid the overall recovery on the cryptocurrency market. The third largest coin took off from the recent low of $102.17, but the upside momentum is still weak. ETH/USD gained 1% on a day-over-day basis and stayed unchanged since the beginning of Wednesday’s session.
Meanwhile, Ethereum blockchain still dominates the dApps universe, according to the recent research carried out by blockchain startup Fluence Network. About 87% of blockchain apps use Ethereum protocol, 19% are built on EOS, and 8% of applications work on Tron platform.
What’s more, 72% of all apps were released in 2018, and only 16% of them raised financing via ICO. Over 60% of the applications are self-funded, and 18% is backed by venture capital.
Ethereum technical picture
ETH/USD climbed back above $105.00 handle. This development has improved the short-term technical picture; however, the next resistance of $108.00 is still to be conquered. Once it is out of the way, ETH/USD may proceed towards $110.00, where a fresh portion of sell orders is located,
On the downside, a sustainable move below $105.00 will increase the downside pressure with the nest target at $104.00 and the recent low of $102.17.
ETH/USD, 1-hour chart
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