Ethereum (ETH) Price Analysis – January 11

  • The ETH price is in a strong bearish momentum in the short and medium-term trend.
  • If the bears break the $120  price level, the crypto will find support at the $102 and $110 price levels.

Ethereum, ETHUSD, CryptoCompare chartEthereum Chart By Trading View

ETHUSD Medium-term Trend: Bullish

  • Resistance Levels: $230, $240, $250
  • Support Levels: $120, $110, $90   

The price of Ethereum was in a bearish trend as the crypto fell below the bearish trend zone. The ETH price fell because of its inability to break the $160 price level. The crypto fell after three unsuccessful attempts at the resistance. The price of Ethereum is now below the 12-day EMA and the 26-day EMA indicating that the price of Ethereum is likely to depreciate.

The crypto's price is currently trading at the $126 price level. However, if the bears break the $120  price level, the crypto will find support at the $102 and $110 price levels. Meanwhile, the stochastic indicator is out of the overbought region but below the 40% range which indicates that the price of Ethereum is in a bearish momentum and a sell signal.

ETHUSD Short-term Trend: Bearish    

Ethereum, ETHUSD, CryptoCompare chartEthereum Chart By Trading View                

On the 4-hour chart, the price of Ethereum is in a bearish trend zone.  The bears broke the 12-day EMA and the 26-day EMA to the low of $126.68 price level. The 12-day EMA and the 26-day EMA are trending southward indicating the bearish trend. Meanwhile, the stochastic indicator is in the oversold region below the 20% range as the blue and red bands are horizontally flat.

This indicates that the price of Ethereum is in a  strong bearish momentum and a sell signal.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.                                                                                                   

Ethereum Was Behind 85% of Dapps' $12 Billion Volume in Q2 2020

The total transaction volumes of decentralized applications (dapps) in the cryptocurrency space hit $12 billion in the second quarter of this year, rising by $4.5 billion compared to the first quarter. Etheruem dapps accounted for 85% of the volume.

According to DappRadar’s Industry Review report, there are more than 70,000 active wallets across 13 different blockchains interacting with the cryptocurrency space. The top blockchains were EOS, TRON, and Ethereum, with the latter representing $10.2 billion of the $12 billion volume seen in Q2.

Ethereum’s large transaction volume was partly fuelled by Compound and the launch of the COMP token, which led to a “yield farming” trend, in which users were interacting with the protocol as much as possible to receive COMP tokens. Compound saw $1.2 billion move through it.

The yield farming trend saw Ethereum gas prices and transaction fees increase, which according to the report did not stop Ethereum dapps from thriving in general. It did, however, contribute to an 80% drop quarter-on-quarter for ETH gaming dapps, as high gas prices are “killing” their activities on the cryptocurrency’s network.

Despite Ethereum’s growth, EOS and TRON (TRX) dapps have also seen their activity increase in the second quarter of the year. According to the report in only three months, TRON’s transaction volumes on decentralized applications surged by over 17,200%.

The rise was largely attributed to Oikos.cash, a TRON-based version of the Compound lending protocol.  While TRON’s DeFi growth has been notably, DappRadar pointed out that most dapps on its blockchain are still in the “gambling” and “high risk” categories.

The EOS blockchain has still been enduring the effects of the EIDOS token airdrop, which put the network into “congestion mode.” The airdrop clogged the network and as a result, from 2019 to 2020 wallet activity on decentralized applications dropped 53%.

So far this year, $1.9 billion have been transacted on decentralized applications using the EOS blockchain, thanks to two dapps: Crypto Dynasty and Upland. DappRadar’s report also shows that two other blockchains are growing thanks to gambling dapps: WAX and ThunderCore.

Featured image via Pixabay.