Ethereum Weekly (12/30/22)
Ethereum Weekly - Edition 4
Welcome to the fourth edition of Ethereum Weekly!
Ethereum (ETH) held at the $1,200 price point for the week with little movement up or down from its current favorite point on the charts. The second-largest cryptocurrency continues to stay level, looking for direction one way or the other as we close out 2022 which was not a good one for cryptocurrencies including Ethereum. Those hoping for a "Santa Rally" to end the year, ended up with facing the Grinch instead...
Professional traders continue to take a bearish look at Ethereum. If you look at the futures market for ETH, there is a premium and leverage to be seen on short positions versus long positions a classic bearish sign. The options market is bearish as well with investors looking to protect themselves from downward price movement. Both these future-looking ETH positions tell us investor sentiment for Ethereum and right now it isn't positive.
Ethereum is the leading crypto to trade NFTs on and we had two big projects announce a blockchain switch over Christmas. The projects, DeGods and y00ts, had been built on the Solona network but are switching to Ethereum and Polygon respectively. In addition, DeGod's DUST token which is used to mint NFTs on its ecosystem will also transfer over to the Ethereum network.
From a technical analysis standpoint, ETH is at a 50-day ascending triangle pattern. To hold the pattern, ETH must stay above $1,180 as a current support level. If Ethereum can stay above this level, the pattern predicts the coin will cross the $1,325 mark or higher by March.
The Crypto Greed and Fear Index highlighted below sits at 28 in the "Fear" range and is up one point from where it was at a week ago.
Ten Must-Read Ethereum and Altcoin Articles This Week
Step Aside, Ethereum: Blockchain Project Stacks Wants to Bring Smart Contracts to Bitcoin (CoinDesk)
'Ultra Sound' Money — Simulation Shows Ethereum's Inflation Rate Is Significantly Lower Using Proof-of-Stake (Bitcoin.com News)
What to Expect for Ethereum and Blockchain Infrastructure in 2023 (Blockworks)
Ethereum Price Prediction – Can ETH Hit $10,000 in the Next Bull Market? (Crypto News)
Solana vs Ethereum: How Do These Two Crypto Rivals Differ? (Blockzeit)
The Psychological Differences Between Bitcoin and Ethereum Governance (CoinDesk)
These EIPs Can Change Ethereum: Comprehensive Guide (U.Today)
How To Buy Ethereum: A Step-by-Step Guide (BoBankingRates)
If the Merge Changed Everything Why Does Ethereum Feel the Same (The Defiant)
CoinDesk's Markets Daily: The Future of the Ethereum Virtual Machine (EVM) in 2023 (CoinDesk)
Ethereum Price Statistics (as of 12/22/2022, daily close)
Ethereum Price = $1,217
Last Week = $1,201
Weekly High = $1,204
Weekly Low = $1,188
Market Cap = $143,461,854,996
Market Cap Dominance =17.44%
All-Time High = $4,878.26 on November 10, 2021
statistics provided by CoinGeckoEthereum Fun Fact of the Week
Ethereum's energy consumption fell 99.99% following its merge to proof-of-stake.
Ethereum Staking Statistics
Validators = 493,345
Block Time = 12.07 seconds
Staking Ratio = 13.68%
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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