Ethereum Weekly (12/16/22)
Ethereum Weekly - Edition 2
Welcome to the second edition of Ethereum Weekly!
Ethereum (ETH) like most "risk" assets did not react well to the Federal Reserve's statements and findings which can be found in my article Fed Raises Interest Rate Half Percent - What's Next? The second largest cryptocurrency fell about 2.5% after the Fed's "Hawkish" stance was communicated by Jerome Powell on Wednesday on heavy trading volume of around $8.3 billion looking at CoinGecko's figures.
Ethereum did top out at $1,348 on Wednesday before an immediate fall to $1,301 after the initial report was released by the Fed with a steady decline to follow except when Powell spoke and another quick decline occurred. TVL (total value locked) in Ethereum-based smart contracts fell roughly 4.5% within a day of Powell's comments.
Looking for a silver lining? Transactions on the Ethereum network have become much more affordable in the last 30 days, with fees falling nearly 40%.
We were told that post-Merge Ethereum would become deflationary, but that hasn't happened yet. Approximately 7,100 Ether has been added over the last 30 days as well.
Looking longer term, we have the Shanghai hard fork scheduled to take place in March of next year at which point users can unstake their ETH coins. Should a number of holders decide to sell, downward price pressure could take hold.
From a technical analysis standpoint, we have some conflicting signals as ETH is currently forming a "double top" which could mean a bounce through the current resistance level is in store and we could be headed toward the $1,350 range. After that, ETH could well tack on another $50-$75 before slowing down based on past historical price actions. On the flip side, Ether's failed to stay above its 50-day moving average and the 38.2% Fibonacci retracement level back from the November lows to the November highs, this is typically bad news in the short run and putting a $1,200 price on the table.
The Crypto Greed and Fear Index highlighted below sits at 29 in the "Fear" range and is up three points from where it was at a week ago.
Ten Must-Read Ethereum and Altcoin Articles This Week
PayPal launches integration with MetaMask Web3 wallet for Ethereum transactions (Fortune)
Coinbase launches asset recovery tool for unsupported Ethereum-based tokens (TechCrunch)
WisdomTree's Latest 'Blockchain-Enabled' Funds To Use Ethereum, Stellar (Blockworks)
Ethereum addresses with over 32 ETH hit ATH while participation rate drops (CryptoSlate)
The Future of the Ethereum Virtual Machine (EVM) in 2023 (CoinDesk)
Bullish news: Bitcoin and Ethereum are commodities, new court filing rules (Crypto News Flash)
Ethereum Name Service DAO Votes on Stewards for Three Working Groups (CoinDesk)
Ethereum's Diverse Ecosystem — How Has It Changed In 2022? (Bitcoinist)
What Is Ethereum? (Brave New Coin)
Ethereum Price Statistics (as of 12/15/2022, daily close)
Ethereum Price = $1,280
Last Week = $1,266
Weekly High = $1,343
Weekly Low = $1,225
Market Cap = $144,239,561,765
Market Cap Dominance =16.891%
All-Time High = $4,878.26 on November 10, 2022
Ethereum Fun Fact of the Week
Ethereum is known as the "birthplace" of smart contracts.
Ethereum Staking Statistics
Validators = 488,032
Block Time = 12.07 seconds
Staking Ratio = 13.52%
Total Supply = 122,373,866
statistics provided by StakingRewards
Crypto Fear & Greed Index
index provided by Alternative
What is Ethereum?
Ethereum (ETH) is a digital cryptocurrency that is known for being a blockchain technology that operates decentralized apps (dapps) such as decentralized finance (DeFi), non-fungible tokens (NFTs), stablecoins, lending, and more. First proposed by Vitalik Buterin who published a whitepaper in 2013 and went live as a network in July 2015, Ethereum claims it is not controlled by a centralized authority but that can be questioned. Ethereum went through the "merge" in 2022 moving from a proof-of-work to a proof-of-stake mechanism becoming much more environmentally friendly.
For more on Ethereum, please read the Top Things You Should Know About Ethereum (ETH) on Publish0x written by MuyAsk
Find Ethereum on Ethereum.org, Reddit, Twitter, Instagram, Facebook
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