Ethereum (ETH) Decoupling, Project Has More Monthly Active Developers

Dalmas Ngetich

1 year ago

2 mins read

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Ethereum (ETH) up 5.3 percent
Monthly active developers in Ethereum high at 216

On average there are 216 monthly active developers working on improving Ethereum (ETH) better. That is bullish now that the aim is to transition from Proof-of-Work to a staking system in Serenity. In the long term, ETH is bullish. Meanwhile, prices must close above $190 in a breakout trade.

Ethereum Price Analysis

Fundamentals

The crypto space is vibrant and back to green. Even so, we should note that there is a degree of decoupling between Bitcoin, the market leader and altcoins, including Ethereum. Note that despite Bitcoin (BTC) surging, Ethereum (ETH) prices are not responding as per traders’ expectations. In the last day, ETH is down 0.8 percent, struggling to breach $170 and up a mere 5.3 percent from last week’s close.

All the same, it is the rate of development that is interesting, hinting of bulls. Ethereum (ETH) is a trigger of innovation thanks to their smart contracting capabilities. However, competitors are catching up. Regardless, the number of monthly active users surpasses those contributing to Bitcoin and Tron or EOS, projects that the Chinese CCID ranks higher and lauded for their lightning speeds.

Although many may attribute this to the release of Ethereum 2.0 TestNet for the Beacon blockchain by Prysmatic Labs, that has been the norm. Developers are flocking to the network despite the requirement of coding using Solidity and shunning others.

It may be the challenge, but if Ethereum is to be 3.0 creating another layer on top of the blockchain (web 2.0) and Internet (Web 1.0) as the network upgrades from the current “investment” state made possible by web 2.0, then there must be developers contributing to Ethereum repositories. That’s what is happening, and this is bullish for Ethereum (ETH) in the long term.

Candlestick Arrangement

Fundamentals are “very” bullish, and as Ethereum development pick momentum, it is likely that prices will follow suit. However, that is all dependent on whether ETH bulls will clear immediate resistances at $190, marking Apr-2019 highs. If not, then we expect the current consolidation to continue.

Presently, prices are consolidating within a $20 range inside May-6 high-low despite the reaction at the 78.6 percent Fibonacci retracement level off Apr-2-8 high low. Like in our ETH/USD trade plan, there is an opportunity for buyers to step up and load up on dips.

However, for risk-averse hodlers trading for value, a better signal will be to initiate longs once prices rally above $190 complete with above average volumes.

Technical Indicators

Accompanying this accumulation is an expansion of participation. With averages at 108k, volumes are up from Apr-25’s 99k meaning bulls are in control. Even so, that will only be true if there is a surge above $190 with a sharp increment in volumes exceeding 160k confirming buyers of Apr-2-3.

Chart courtesy of Trading View

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.