Almost 1000 dApps on ETH is not a jokeSince Bitcoin has reached an all-time high back in January 2018, all altcoins begun to lose value, against the USD as well as Bitcoin. While Ethereum remains the number 2 coin based on the total market cap, it struggled the same way as most altcoins, losing 87% to BTC.
Many might argue that the price of Ethereum has been falling due to fact that other platforms have been developed, claiming to be a direct competitor of ETH and solving its’ ongoing scalability and speed related problems.
Nevertheless, number of developers building on top of Ethereum is not only growing, but also accelerating. Currently there are 987 dApps on the Ethereum blockchain, and what is interesting, 70% of them are Gaming dApps.
But let’s get back to the point. Considering that ETH is the dApp platform leader, it seems very unlikely it’ll face a true competitor in the near term future. If that is truly the case, ETH will keep the No.2 spot in the cryptocurrency market capitalization. And in the short to medium price should start increasing, potentially reaching a new all-time high.
At the point, the question is; what price considered cheap for ETH?
Technically speaking, ETH has reached the support level at 261.8% Fibonacci retracement level ($181), that has been rejected cleanly back on the 12th of September. Currently ETH/USD is trading between the $181 support and key resistance at $316. If price manages to break above the resistance, many might consider this as a confirmation of a trend reversal. But if it breaks with confidence below the current support, ETH can go as low as $50.
All-in-all, considering the growing popularity of ETH and the number of dApps being built on top of it, ETH should not stay at the current price for a very long time, but sooner, rather than later there will be a substantial growth in price.
Support:
1. $181
2. $46
Resistance:
1. $316
2. $628
