Ethereum Weekly (4/28/23)
Ethereum Weekly - Edition 21
Welcome to the latest edition of Ethereum Weekly!
Ethereum (ETH) has struggled in the last week to find a true direction but has shown some upward swings in the last 24 hours or so. Ether has been able to peek its head over the $1.9K mark a few times but with resistance around the $1,880 mark maintaining above that area has proven to be troublesome.
What is causing Ether's price struggles this week? Blame it on the United States, primarily on more banking issue fears and the slowdown in economic growth. The good news is ETH and other coins/tokens are pretty much holding their own despite macroeconomic concerns showing a fair amount of refusal to let bears gain any control after a difficult 2022. Then again, it could just be a lot of investors sitting it out on the sidelines waiting for more direction which should come next week.
All eyes are narrowly focused on next week's Federal Open Market Committee (FOMC) interest rate decision. Expectations are heavily weighted towards another 25-basis point rate hike as has happened during the last two meetings. Anything else would send shockwaves through the market one way or another depending on the decision. I don't expect any deviation from the current line of thinking, however, the comments made after the rate decision is announced will sway things. Is the Fed finally going to pause the over-year-long string of consistent rate hikes or will their hawkish ways continue? This is what I will be focused on as their comments are streamed across the globe. Mr Powell, the time has come to take a break from the hikes...
Further concerns in the US, and in China, surround the potential for a central bank digital currency (CBDC) to be issued in each country. President Joe Biden has the Fed looking into them and China is ahead of the US with their digital yuan. There are a lot of ramifications here, frankly way too much for me to get into with Ethereum Weekly.
From a technical analysis standpoint, look for my article on different kinds of analysis next Wednesday if you are interested, we have some conflicting signals. The relative strength index( RSI) reading has been below 47.5 and staying below its signal line which is bearish. Meanwhile, the moving average convergence/divergence (MACD) is rising up which indicates bullish momentum.
The Crypto Greed and Fear Index highlighted below sits at 64 in the "Greed" range and is up 14 points from where it was at last week.
Ten Must-Read Ethereum and Altcoin Articles This Week
Ethereum Price Manipulation: A Cause for Concern? (BeinCrypto)
Ethereum's Next Upgrade To Focus on Blobs (Blockworks)
Cryptocurrency Ethereum has slashed its energy use by 99.99 per cent (News Scientist)
5 reasons Why Ethereum Price Can Reach $5k in 2023 (Analytics Insight)
Whales Optimistic About the Ethereum Price Rally (Coinpedia)
Better Buy: Ethereum or Bitcoin? (The Motley Fool)
Ethereum Price Statistics (as of 4/27/2023, daily close)
Ethereum Price = $1,909
Last Week =$1,943
Weekly High = $1,960
Weekly Low = $1,811
Market Cap = $229,412,689,448
Market Cap Dominance =18.299%
All-Time High = $4,878.26 on November 10, 2021
statistics provided by CoinGecko
Ethereum Fun Fact of the Week
Ethereum's development was crowdfunded, but you probably know this already. Did you know, however, that the online sale of Ether (ETH) was purchased with Bitcoin (BTC)?
Ethereum Staking Statistics
Validators = 561,655
Block Time = 12.24 seconds
Staking Ratio = 14.86%
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.
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