Ethereum Prefered For dApps, ETH Prices and User Activity Correlate

Dalmas Ngetich

1 year ago

2 mins read

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Ethereum (ETH) prices unchanged
Developers prefer Ethereum as the smart contracting space heats up

A latest dApp research report backs Ethereum. Despite limitations, Ethereum is a top-choice for developers. Meanwhile, prices are stable. Because of June 26-27 candlestick arrangement, there is a chance of ETH prices printing lower in days ahead.

Ethereum Price Analysis

Fundamentals

Tokenization is possible because of smart contracts. Ethereum showed the way, and now the space is congested. With various platforms promising ultra-high throughput sometimes in the tune of millions, Ethereum’s position could be under threat according to neutrals.

However, convincing as it is, that is not the case. A raft of changes and code enhancement mean the platform is a top choice for many developers. Compared to EOS and Tron, for example, Ethereum is more active from the development front that even the world’s most valuable network in Bitcoin. That is despite existing challenges like scalability concerns.

Regardless of criticism, Ethereum is better decentralized than Tron and EOS, and chances are a new derivative product could be given the thumbs up by the CFTC.

Endorsing Ethereum, a new Dapp.com research report reads:

“484 new dApps were added to the market this quarter, and Ethereum is still the first choice for developers, followed by TRON and EOS. Newly launched blockchains like TomoChain and IOST are quickly expanding, but the first tier blockchains have already gone way ahead. User activeness has a strong correlation with ETH price – the higher the price, the more Ethereum dApp users. More token holders have also been converted to dApp users, as the price has increased since mid-May 2019.”

Candlestick Arrangement

Presently, ETH is stabilizing but trending below $300. Technically, the level is critical as far as trend maintenance is concerned. Moving on, it is imperative that ETH bulls reject lower lows.

That means reversing losses of June 27. Preferably, behind this upswing must be a buildup of high trading volumes as buyers snap back to trend. For now-and, as prices consolidate under bear shadows of June 27, aggressive traders can ramp up as long as prices are above May high.

Note that ETH is trading within a bullish breakout pattern against the USD while the $230-$250 zone acts as support. Therefore, any retest of this level is an opportunity for risk-off traders to ramp up while aiming at $350 and $400.

Conversely, if prices crumble, sliding below $230, there is a high likelihood that ETH could retest $230 and even $190.

Technical Indicators

Anchoring this trade plan is June 26 candlestick. With high volumes as indicators, any surge above $350 or meltdown below $230 ought to be with high participation exceeding 554k of June 26.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.