Ethereum Weekly (6/16/23)

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Written by

CryptoMasterMiner

DeFi Yield Farmer Liquidity Provider Crypto Lender, Miner, Investor & Blogger

1 year ago

In community: Everything Crypto(f12e)

Topics: Cryptocurrency, Crypto, Cryptocurrencies, Finance, Ethereum

Ethereum Weekly - Edition 28

Welcome to the latest edition of Ethereum Weekly!

Ethereum (ETH) had a rough week falling around 9% following a poor performance within the crypto market, with some of the bigger coins like Solana and Polygon down over 20%. With all eyes on the Federal Reserve in the United States, why did the market tank so badly if the agency didn't raise interest rates after doing so in their previous ten meetings?

Well, every story has a "bad guy" and ours comes in the form of Fed Chairman Jerome Powell who said that further rate hikes in 2023 will be more than investors expected. Inflation remains firmly fixed in the Fed's hawkish vision and until more significant signs of consumer prices falling they will continue to raise interest rates. As I stated in last week's column, the Fed's comments would be much more important than their "pause" in the rates and this turned out to be quite true as Ether fell around 7.5% after his comments. US stocks fell as well as the Dow, S&P, and NASDAQ all fell in conjunction with cryptocurrencies after the Fed announced their rate intentions for the rest of the year.

Ether, like the rest of the crypto market, has been struggling for about three weeks now with regulations on everybody's minds and the SEC in the US cracking down on major exchanges Binance US and Coinbase. Binance has just announced significant layoffs in their US affiliate rumored to have around 50 people getting the axe including those in their legal, compliance, and risk departments not surprisingly.

On the Ethereum network, there are still quite a few interesting things happening. Chief among them is a continued withdrawal of ETH off exchanges and more and more ETH being staked. In fact, we are about to see the amount of staked ETH surpass the amount of ETH sitting on exchanges soon. There is a lot of accumulation still happening at the "whale" investor level and you can bet these large sums are ending up getting staked in most circumstances. In crypto in general, if we look at on-chain data we have seen a lot of investors move into stablecoins but that does not seem to be getting any press for some reason.

Technically, the recent downtrend of Ether has made analysis quite difficult in terms of figuring out future direction. Simply stated, the movement of ETH as of late is due to economic news and macroeconomic conditions playing out. Ether slipped well below its 200-day exponential moving average which sat around $1,750. The second largest coins' relative strength index (RSI) has fallen below 30 which signals it has been oversold and could be due for a rally. But again, I'd pay less attention to technical analysis right now given the overriding economic factors impacting all markets currently.

The Crypto Greed and Fear Index highlighted below sits at 47 in the "Neutral" range and down three points from where it was at last week.

Ten Must-Read Ethereum and Altcoin Articles This Week

Ethereum staked ready to flip ETH on crypto exchanges (BlockWorks)
Ethereum Ecosystem Is Getting Busier, Not Quieter, Amid Layer 2 Shift (Yahoo Finance)
Ethereum Needs a New Regulator, Suggests JPMorgan (BeinCrypto)
Ethereum (ETH), Low Volatility but Rising Friday: Is it Time to Cash Out? (InvestorsObserver)
Ethereum's Shapella unlocks new opportunities for... (AMBCrypto)
Ethereum Remains Bearish: Will it Uphill or Plummet? (Analytics Insight)
Ethereum Price Prediction: $ETH Price Dips to Multi-Month Support; Best Time To Accumulate? (Coingape)
Ethereum whales are aggressively buying the dip (Crypto News)
Ethereum Survives AWS Outage Unscathed But Analysts Warn Of Future Incidents (Yahoo Finance)
Ethereum Devs Cry Foul on Uniswap v4 'Open Source' Promises (Decrypt)

Ethereum Price Statistics (as of 6/15/2023, daily close)

Ethereum Price = $1,667
Last Week = $1,846
Weekly High = $1,846
Weekly Low = $1,632
Market Cap = $201,348,500,280
Market Cap Dominance =18.644%
Trading Volume = $6,843,210,049
All-Time High = $4,878.26 on November 10, 2021


statistics provided by CoinGecko

Ethereum Fun Fact of the Week

How many of Ethereum's eight original co-founders still work for the foundation? Just one - Vitalik Buterin! The rest are Gavin Wood, Jeffrey Wilcke, Joseph Lubin, Mihai Alisie, Anthony Di Iorio, Amir Chetrit, and Charles Hoskinson who have all moved on.

Ethereum Staking Statistics

Validators = 614,574
Block Time = 12.17 seconds
Staking Ratio = 16.17%
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

* Where to Buy and HODL Ethereum (Referral Links) *