CryptalDash

Almost 1000 dApps on ETH is not a joke

POLONIEX:ETHUSD   Ethereum / U.S. Dollar
Since 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
Comment:
Comment:
Trade closed: target reached: eth reached the support
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What is the price prediction for the next 4 hours?
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@jlb777, at the moment ETH is near support, where range trading might start... but I certainly wouldn't exclude buying opportunity
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Yes, see this !
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ALFA


BETA


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there's almost 2,000 eth dapps acording to https://www.stateofthedapps.com/ . the thing is though, a lot of dapps doesn't equal user base or adoption. there are only 9 dapps with more than 300 daily users, and only 4 that have more than 1,000 per day, out of the entire 2k, that isn't very much.
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@vanpunk, That last sentence is incredibly revealing. Not only that but the current price already reflects the amount of Dapps and usage of the network. ETH would need major adoption for any kind of price appreciation, which if you're looking at it from a currency standpoint is also a joke. Velocity in money supply, aka the number of times ETH changes hands in the network/"economy" greatly reduces the value of each unit of the monetary supply. There is not much reason for ETH to increase in price, it can serve its function perfectly well at even $100.

Speculators actually make it more difficult for ETH to gain adoption due to the volatility of the currency. Nobody wants to get paid in ETH, if they do they liquidate right away. Vice versa, nobody wants to pay somebody out in ETH for fear of that ETH being worth more later on.
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nico9111 Captainsmugglebutt
@Captainsmugglebutt, "There is not much reason for ETH to increase in price, it can serve its function perfectly well at even $100"
There's not much reason for BTC to increase in price, it can serve its function, not very well though, at even $100.
There's not much reason for EOS to increase in price, it can serve its function, not very well though, at even $100.
There's not much reason for Facebook to increase in price, it can serve its function, not very well though, at even $100.
There's not much reason for Gold to increase in price, it can serve its function, not very well though, at even $100.
There's not much reason for AAPL to increase in price, it can serve its function, not very well though, at even $100...

See what I'm doing there?
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@nico9111, those are absolutely terrible analogies.
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nico9111 Captainsmugglebutt
@Captainsmugglebutt, your comment "There is not much reason for ETH to increase in price, it can serve its function perfectly well at even $100" is absolutely terrible.
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@nico9111, Not at all. You really don't understand the velocity problem. Look at MV = PQ lol
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