Ethereum Weekly (12/23/22)
Ethereum Weekly - Edition 3
Welcome to the third edition of Ethereum Weekly!
Ethereum (ETH) held up pretty well following the release of GDP data in the United States compared to other assets and asset classes. The second-largest cryptocurrency continues to stay above the $1,200 level which has been an important support level recently.
Yesterday we had the release of the final GDP data from the US Commerce Department which showed much stronger growth than expected. The report released showed the US economy grew at an annual pace of 3.2% between July and September, this was higher than the 2.9% expected. Consumer spending, which is two-thirds of the US economy, remained strong and US export increases also impacted the figures.
Stocks immediately took a tumble with the Dow down 350 points and the tech-heavy Nasdaq falling over two percent by the close after the report was released. Investors fear the Federal Reserve will be even more hawkish in raising interest rates in 2023 given their hikes thus far have done little to slow down the American economy. Inflation does appear to be cooling somewhat so that might help ease the need for higher rates. Ethereum and other cryptocurrencies didn't fall as much as their stock counterparts, a relief to many who hold digital assets in their portfolios.
From a technical analysis standpoint, ETH consolidated holding above $1,200 despite the decline in stocks. Ethereum resistance levels will need to be broken for a strong move higher, but with the RSI failing to break the 47 level that doesn't seem very likely. In addition, looking at the action of futures and options signals that ETH investors do not have a lot of faith that the coin can hold its current price levels.
The Crypto Greed and Fear Index highlighted below sits at 27 in the "Fear" range and is down two points from where it was at a week ago.
Ten Must-Read Ethereum and Altcoin Articles This Week
BNB Chain now has more unique addresses than Ethereum, developer says (CoinTelegraph)
Is Ethereum in Danger? Supply Offset Drops Drastically: Details (U.Today)
Ethereum (ETH) Will Overtake Bitcoin, At Least Temporarily (NewsBTC)
Crypto Trading Platform Paxful Delists Ethereum In 'Integrity' Move: CEO (Bitcoin Magazine)
Ethereum Whale Moves 31,126 ETH Off Bitfinex (Benzinga)
BREAKING: Twitter adds Bitcoin and Ethereum to the platform (Crypto News Flash)
Ethereum Creator Vitalik Buterin Names Four Reasons Why the World Needs Crypto Money (The Daily HODL)
Ether bounces above $1.2K, but derivatives metrics show traders fear a collapse (Cointelegraph)
Crypto Analyst Predicts Relief Rally for Ethereum (The Daily HODL)
Ethereum Price Statistics (as of 12/22/2022, daily close)
Ethereum Price = $1,217
Last Week = $1,280
Weekly High = $1,220
Weekly Low = $1,208
Market Cap = $145,816,209,815
Market Cap Dominance =17.33%
All-Time High = $4,878.26 on November 10, 2021
statistics provided by CoinGeckoEthereum Fun Fact of the Week
The amount of Ethereum held in centralized exchanges is falling dramatically, just check out the tweet below.
Ethereum Staking Statistics
Validators = 490,199
Block Time = 12.07 seconds
Staking Ratio = 13.59%
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
For more on the Ethereum Whitepaper, please read the I Finally Read the Ethereum Whitepaper on Publish0x written by CryptoMasterMiner
Find Ethereum on Ethereum.org, Reddit, Twitter, Instagram, Facebook
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