Crypto Industry News:
Santiment, a leading blockchain and social metrics analytics platform, highlighted cryptocurrencies showing exceptional developer activity over the past 30 days. Since most assets on the crypto market are listed "in green", the involvement of blockchain projects in the development of the sector is becoming more and more important as a distinguishing factor when selecting tokens for the upcoming bull market.
Santiment experts took the number of commits, i.e. changes added to the code in the repositories on Github.com, as a measure of "developer activity". As a rule, the more changes, the more active developers working within a given project/network are, and vice versa: fewer updates mean less involvement of developers in the development of the ecosystem. At least in theory.
At the top of the list are IT scientist Gavin Wood's Polkadot ($DOT) protocols, along with a key ecosystem project: Kusama ($KSM), sharing the first two places on the podium with the highest number of commits on Github - each of them boasts an impressive number of 551 updates in the last 30 days.
Third place goes to proof-of-stake blockchain Cardano ($ADA), the brainchild of programmer Charles Hoskinson, with a commendable total of 515.37 commits on GitHub. The development team's focus on improving the Cardano ecosystem is reflected in its significant contributions to the code base, and the blockchain itself and its community consider it one of the most "technical" and "scientific" projects in the crypto sector.
The next items on the list show a noticeable drop in the number of commits, but they are still noteworthy crypto projects, representing a whole range of market niches, constantly pushing the boundaries of what until recently was only a vague horizon in the world of finance and technology.
Technical Market Outlook:
The ETH/USDT pair is inching closer to the $2,139 level, with its recent local high reaching $2,102. Both $2,075 and $2,128 levels have been breached and now serve as intraday technical support. For Ethereum (ETH), the pivotal short-term support rests at $1,947, and only a definitive and sustained break below this level would signal a shift in the short-term outlook towards a bearish trend. Bulls are eyeing the next target, which is the last swing high at $2,139. The successful breach of this level would mark a positive development for the upward momentum.
Weekly Pivot Points:
WR3 - $2,700
WR2 - $2,322
WR1 - $2,191
Weekly Pivot - $1,983
WS1 - $1,832
WS2 - $1,624
WS3 - $1,265
Trading Outlook:
The Ethereum market has consistently formed lower highs and lower lows since reaching the swing high in mid-August 2022 at $2,029. For the bulls to sustain the upward trend, breaking through this pivotal level is imperative. The crucial technical support at $1,368 holds significance, and as long as the market maintains trades above this level, the overall outlook remains bullish.