Tanya Abrosimova
Independent Analyst
- ETH/USD settles in the range above $170.00.
- Diar research shows that developers prefer Ethereum platform for their apps.
ETH/USD hit $175.25 during early Asian hours extending a bullish momentum of the previous trading day. The second largest digital asset has gained about 2% in recent 24 hours amid the improved sentiments across the cryptocurrency market. At the time of writing, ETH/USD is changing hands at $172.50, moving within a short-term bullish trend amid high volatility.
Looking technically, a strong support awaits ETH on approach to $170.00. This psychological level is strengthened by SMA100 1-hour, and once it is broken, the sell-off may be extended towards $168.80 with a lower line of 1-hour Bollinger Band located on approach to this barrier, and $167.25 (SMA200 1-hour).
On the upside, the immediate resistance lies with $173.70.It is created by a confluence of SMA50 and an upper boundary of 1-hour Bollinger Band. The next resistance comes at the intraday high of $175.25.
What’s going on
The volume of Ether transactions on Decentralized Application (DApps) hit 776k ETH ($131.8 million) in April, which is the highest level in recent four months, according to the latest Diar research.
"Ether transacted in April on Decentralized Application (DApps) pipped out December's All-Time-High by a tiny margin. The new high, in both Ether and US Dollar value, sets a 4-month growth trend in on-chain volume. At the same time, however, the number of newly deployed DApps have mirrored the exact opposite direction hitting a 15-month low.” the experts wrote in the paper.
Ethereum remains the most popular platform for dApps launch, chosen by over a half of all developers. Meanwhile, the number of the newly deployed decentralized apps reduced to 88 in April 2019 from 178 in December 2018.
ETH/USD, 1-hour chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet
CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.
Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon
Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?