The ETH/USD Trading Pair Attracted More Traders In Q1 Of 2022

Time Stamp: June 1, 2022 2:14 PM
Source Node: 1336148

The ETH/USD trading pair attracted more traders in the first quarter of 2022 and the turnover also surged by 93% as per the reports that we have today in our latest Ethereum news.

The ETH/USD trading pair pulled the biggest number of traders from January to March 2022 and in the reports from Capital.com, the biggest number of traders was held by DOGE in 2021 to the USD pair. However, the ETH/USD pair took the spot for most traders on the trading platform for the first time. The report noted that the crypto turnover went up by 93% in the quarter and despite the positive statistic, the report admitted that the increase in revenue doesn’t show the broader market trends because the number was reached by a few single-day spikes in volume.

Capital.com outlined that the broader market is in a state of disinterest and the chief analyst David Jones noted that the BTC downtrend from November to January influenced the retail traders’ interest in crypto but mentioned that the traders are “herd creatures” and are driven solely by momentum. After the high investor participation in January, the next few months showed a decline, and the asset traders on the platform dropped by 16%. this number dropped by another 10% in a month.

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ETH 24-hour Price Chart (Source: coingecko)

On Monday, the ETH price moved to the $2000 mark as BTC increased above $30,900 but analysts noted that despite this bounce, the price uptrend could end up weaker than the 2021 mid-year performance. Some analysts noted that there’s a possibility to bounce to $2700 over the summer. In the meantime, the Ropsten testnet on Ethereum moved to the PoS consensus and Tim Beiko added that the testnet will merge with the new Beacon Chain which was launched on Monday. Two more testnets called Goerli and Spoila will move to PoS before moving to the ETH mainnet starts.

As recently reported, Ethereum started a downside correction from the $2000 resistance zone and the price is still trading near the $1900 and the 100 hourly simple moving average. There’s also a key bullish trend line forming with the support near $1905 on the charts of ETH/USD and the pair could even start a fresh increase if it manages to stay above this level.

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