Ethereum Weekly (1/27/22)
Ethereum Weekly - Edition 8
Welcome to the latest edition of Ethereum Weekly!
Ethereum (ETH) had its third-straight green candle week gaining just over $50 which is smaller than the previous weeks but positive nonetheless. Current momentum looks set to meet a resistance level of just under $1,650 and it will be interesting to see if the second-largest cryptocurrency can break through the next barrier. If not, ETH could go the other way and test the current floor level sitting right around $1,500.
So what factors will drive the price of Ethereum?
First, the overall crypto market has a huge impact on the price of all coins and tokens with Ethereum being no exception. In reality, the best indicator of the sector's overall financial health may be the price of Bitcoin. Ethereum has a .9 correlation with Bitcoin so as BTC moves so does ETH. Bitcoin, on the other hand, is closely dependent upon the US stock market which is greatly impacted by interest rates. This means that decisions made by the Federal Reserve impact the price of Ethereum. All markets get direction from macroeconomic conditions so Ethereum will do better as the global economy tends to do better. Greater public adoption of cryptocurrencies and institutional investments will also have an impact on Ethereum over the next decade or so along with the success of its own upgrades.
Speaking of upgrades, the recent ETH rally leading up to the next upgrade called "Shanghai" looks very similar to the run-up prior to the "Merge" that occurred in September. While the Merge helped switch Ethereum to a proof-of-stake network, Shanghai will allow those currently staking Ethereum to unstake their ETH tokens. While some believe that there could be some selling pressure when the Ether is unstaked and sold, others believe Ethereum adoption will grow further and more will stake ETH which looks to become deflationary.
The Crypto Greed and Fear Index highlighted below sits at 55 in the "Neutral" range and is up 5 points from where it was at last week.
Ten Must-Read Ethereum and Altcoin Articles This Week
Ethereum futures and options data reflect investors’ growing confidence in ETH price (Cointelegraph)
Ethereum Merge a Factor in ETH's Deflationary Turn (Blockworks)
Ethereum's Economic Engine (Bankless)
Ethereum Price Another Rejection Signals Risk of Bearish Reaction (NewsBTC)
60% Of Investors Place Bets On Ethereum Over Bitcoin (Benzinga)
Uniswap holders propose ditching Ethereum for BNB Chain to deploy v3 protocol (Cointelegraph)
Ethereum [ETH] resists the downside despite Sun’s >$15M transfer (AMBCrypto)
Latest Ethereum ‘Shadow Fork’ Brings Blockchain’s Shanghai Upgrade Closer to Reality (CoinDesk)
Could Ethereum Hit $5,000 in 2023? (The Motley Fool)
Ethereum Price Statistics (as of 1/19/2023, daily close)
Ethereum Price = $1,602
Last Week =$1,551
Weekly High = $1,618
Weekly Low = $1,551
Market Cap = $189,605,427,196
Market Cap Dominance = 17.624%
All-Time High = $4,878.26 on November 10, 2021
statistics provided by CoinGeckoEthereum Fun Fact of the Week
Ethereum is divisible to the nearest eighteen decimal places and this small of a unit or measure of monetary value allows everyone to have access to ETH.
Ethereum Staking Statistics
Validators = 507,704
Block Time = 12.06 seconds
Staking Ratio = 14.1%
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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