• Ethereum is currently trading at around $1,889 after recording positive growth in the last 30 days.

• Analysts have observed that its growth is due to the increase in Decentralized Exchanges transaction activities this year.

Ethereum (ETH) has shown signs of an upward trend with a 30-day surge of 7 percent and a 24-hour surge of 0.8 percent to trade at $1,889.35. Interestingly, analysts believe that the activities of Decentralized Exchanges (DEXs) have largely contributed to this upsurge. It is worth noting that DEXs operate as peer-to-peer marketplaces that enable the facilitation of transactions with other crypto traders without the involvement of third parties.

According to the on-chain metrics platform CryptoQuant, transactions carried out on DEXs this year have increased significantly, pushing Ethereum to climb up the price curve. 

Starting from 2023, when observing the volume of ETH traded on DEX, particularly the volume of transactions where ETH is swapped, we can see that it tends to move in a similar direction to the price of ETH.

Per data, the volume of Ethereum trade on decentralized exchanges has consistently increased since spotting this trend in January 2023. It can be recalled that the US Securities and Exchange Commission launched a crackdown on centralized exchanges in March. This reportedly caused the ETH trade on decentralized exchanges to reach an interesting height. 

Unfortunately, there has been a decline in ETH swapped on DEXs since March. Regardless, CryptoQuant has emphasized that it is hard to know whether the asset has peaked or not. 

We now need to determine whether the current price of ETH will continue to adjust upwards or if the current stage signifies a bottom signal, indicating a good buying opportunity.

Ethereum Price Analysis

Prior to its current price, the digital asset was trading above its 100-hourly Simple Moving Average before declining from $1,955. At a resistance zone of $1,900, bears were reported active. Currently, its first major resistance is around $1,963.82, and the trend line is said to be “close to 61.8 percent Fib retracement level of the key decline from the $1,955 swing high to the $1,825 low.”

Once Ethereum hit $1900, it can proceed to trade around $1,975. This means $2,000 would be the next major resistance level. From this price point, the next resistance points could be $2,150 and  $2,200. However, the asset holders could be in for a reverse movement when Ethereum fails to break the $1900 zone. 

Analysts have fixed its initial support at the $1,865 level or the 100-hourly Simple Moving Average. At this point, investors must hope that the asset does not fall further to break the $1,825 support level. When this happens, there could be a larger decline to $1,740 and another possible fall to $1,720. Currently, the MACD for ETH/USD is said to be losing momentum in the bullish zone. The hourly RSI of the ETH/USD is also above the 50 level. 

Ethereum is currently 61 percent down from its all-time high of $4,878.26. Its 24-hour volume sits at $5,069,230,980 and its market cap is now $227,205,173,643. This makes it the second-largest crypto in the market behind Bitcoin. 

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