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

By May 9, 2019 Ethereum
Click here to view original web page at www.fxstreet.com
  • 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

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Diar research shows that developers prefer Ethereum platform for their apps.

ETH/USD hit $175.25 during early Asian hours extending a […]

Leave a Reply