Ethereum remains the platform of choice for dApps, ETH regains ground

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