Ethereum Weekly (12/9/22)
Ethereum Weekly - Edition 1
Welcome to the very first edition of Ethereum Weekly!
I've written a weekly article about Bitcoin since the first week in April, but I've ignored another coin that deserves nearly as much, if not more, attention ever since. To be honest, Ethereum (ETH) is my single largest holding in crypto with Bitcoin following pretty close behind. I'm involved in quite a few Ethereum related projects, much more so than Bitcoin related. So I've decided to add a second weekly article that will be released each Friday evening which can serve as a bit of a weekly recap of the crypto market while my Bitcoin Weekly released on Monday helps preview the week ahead.
Ethereum has managed to stay above the $1,200 mark but $1,300 has proven to be a strong resistance point. ETH did cross the $1.3k barrier on Monday but couldn't hold the price point after surpassing it by $2 briefly. The previous time it crossed that mark was way back on November 10, exactly one year after hitting its all-time high of $4,878, meaning we are almost 75% down from the peak.
Through mid-week Ethereum was down following stocks lower and given recession fears. JPMorgan Chase’s CEO Jamie Dimon told CNBC’s “Squawk Box” on Tuesday that inflation in the US would push the economy into a recession which only heightened anxieties. Layoff concerns, driven mainly by US banks and media companies who lowered forecasted earnings, also weighed on major stock indexes and the correlated cryptocurrencies followed suit.
In development terms, Ethereum's next big upgrade is labeled "Shanghai" and should take place in late Q1, 2022. On Twitter, Ethereum Developer Tim Beiko stated that the team agreed to “(1) seeing Shanghai happen quickly, ideally around March and (2) following this with a fork centered around EIP-4844.” This means the team is focused on the enabling of staking withdrawals allowing for withdrawals for ETH stakers (and validators) from the Beacon Chain.
The Surge-related Ethereum Improvement Proposal (EIP)-4884 is not being pushed in the current upgrade, however, an upgrade called EVM Object Format (EOF) will serve as an upgrade to the Ethereum Virtual Machine (EVM). This should bring some reduced costs on the network as it lowers gas fees for developers interacting with it. Sharding improvements will push fees significantly lower, however, these upgrades will be implemented in multiple phases over time over the next two years according to the current roadmap.
The Crypto Greed and Fear Index highlighted below sits at 26 in the "Fear" range and is one point below where it was at a week ago.
Ten Must-Read Ethereum and Altcoin Articles This Week
Ethereum Devs Opt to Delay Surge and Prioritize Staked ETH Withdrawals (The Defiant)
Ethereum Price Nears Breakdown Support, Can Bulls Save The Day? (News BTC)
Research: Bitcoin, Ethereum derivatives are unwinding (CryptoSlate)
Ethereum developers target March 2023 for Shanghai hard fork (CoinTelegraph)
Vitalik Buterin and the ETH Developers Pull Off the Merge - Most Influential 2022 (CoinDesk)
By The Numbers: How Much Energy Did The Ethereum PoS Merge Save? (Bitcoinist)
Ethereum Developers Target March 2023 for Release of Staked Ether (Yahoo Finance)
Is Aptos the Next Ethereum? (The Motley Fool)
No Santa Claus Rally for Ethereum! (Analytics Insights)
FTX Blowup Helped Enrich the Ethereum Validators who run the Blockchain (CoinDesk)
Ethereum Price Statistics (as of 12/8/2022, daily close)
Ethereum Price = $1,280
Last Week = $1,232
Weekly High = $1,302
Weekly Low = $1,225
Market Cap = $153,881,860,785
Market Cap Dominance =17.224%
All-Time High = $4,878.26 on November 10, 2022
Ethereum Fun Fact of the Week
Ethereum was initially financed through crowdfunding, as such it has been considered decentralized from its beginnings.
Ethereum Staking Statistics
Validators = 484,646
Blocktime = 12.07 seconds
Staking Ratio = 13.42
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 of 2015, Ethereum is not controlled by a centralized authority. Ethreum went through the "merge" in 2022 moving from a proof-of-work to a proof-of-stake mechanism becoming much more environmentally friendly.
Find Ethereum on Ethereum.org, Reddit, Twitter, Instagram, Facebook
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