Ethereum Weekly (6/30/23)

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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, Investment, Ethereum

Ethereum Weekly - Edition 30

Welcome to the latest edition of Ethereum Weekly!

Ethereum (ETH) took the week off after exploding last week, falling about $20 over the course of the previous seven days as investors took a deep breath. Today we saw some volatility earlier with a steep drop from $1,907 to $1,838, only to be followed by a quick rally up to $1,940. After weeks of sideways trading before last week's meteoric rise, a $100 change in Ether's price wasn't a common occurrence.

While Ether continues to show slight deflation in terms of the number of coins, trading volume was heavy last week up 37% from the previous week's figures. While Ether has plenty of positive momentum along with bullish indicators to back them up, today's gains along with those of other altcoins can largely be attributed to Bitcoin and the swelling number of spot Bitcoin ETFs be applied for with interest growing daily. That said, the ETF news is dominating crypto right now and Ethereum has really taken a back seat the past couple of days.

On the Ethereum network, we continue to see new record highs surrounding staking levels. Staked ETH has now surpassed the 25.8 million mark valued at around $48 billion at the time of this article being written which is a staggering figure that is growing rapidly. Consider the fact the staked total amount just crossed $40 billion last month and you can see the power of price appreciation combined with additional Ether being staked. The second largest cryptocurrency had been under $1,700 this month and has begun to threaten $2,000 recently.

Ether did seemingly find a pretty hard resistance level right at $1,940 so keep an eye on that figure as I expect ETH to test that number to see how strong that demarcation line is set. After that, you can bet the $2,000 mark will hold significance and will be tough to fully conquer without some major positive economic news that sends all markets soaring.

On the horizon, I expect inflation to continue to tamper down in the United States. Perhaps even enough to finally put a definite halt to raising interest rates. That said, I would not be surprised to see an economic pullback in the US along with a more severe recession over in Europe as we move well into the second half of the year. Please keep in mind, I'm not an economist and even many of them argue for the future direction of the world's economies. Cryptocurrency has never really had to suffer a major worldwide economic disaster so we do not yet know how it would react. There could be benefits from crypto that actually help it rise during economic troubles as we have seen hints of in the past, especially as it relates to specific currencies and their corresponding money supplies.

If we peek at futures and whale activity, they appear to be pretty nervy when it comes to Ether in the next few weeks. Futures are trading below what we would consider "normal" premiums looking at the price of Ether on longs made by professional traders. I'd say their outlook is slightly pessimistic a the moment but without much conviction for what it is worth.

The Crypto Greed and Fear Index highlighted below sits at 56 in the "Greed" range down 9 points from where it was at last week. I hope everyone who reads this has a great weekend!

Ten Must-Read Ethereum and Altcoin Articles This Week

Zug: Where Ethereum Was Born and Crypto Goes to Grow Up (CoinDesk)
Vitalik Buterin stakes only a modest portion of Ethereum, here’s why (CryptoSlate)
CME Group to Launch Ethereum-to-Bitcoin Ratio Futures Next Month (Decrypt)
Ethereum is gaining investors' confidence as go-to asset for passive income (Finbold)
What is the best Ethereum Staking Platforms (Watcher Guru)
How Can We Earn Some Additional Ethereum? (Crypto Mode)
Layer 3 Technology Elevates Ethereum to New Heights (NewsBTC)
Ethereum Continues Uptrend As Staked ETH Soars To New High (NewsBTC)
Compound Founder Forms 'Superstate' to Create Bond Fund With Ethereum for Record-Keeping (CoinDesk)
It’s A 'Forgone Conclusion' That Ethereum Is A Commodity, Says Joe Lubin (Decrypt)

Ethereum Price Statistics (as of 6/29/2023, daily close)

Ethereum Price = $1,852
Last Week = $1,872
Weekly High = $1,921
Weekly Low = $1,827
Market Cap = $223,388,554,273
Market Cap Dominance =18.414%
Trading Volume = $9,769,448,640
All-Time High = $4,878.26 on November 10, 2021


statistics provided by CoinGecko

Ethereum Fun Fact of the Week

Ethereum will process 100,000 transactions per second after the Sharding upgrade.

Ethereum Staking Statistics

Validators = 640,513
Block Time = 12.16 seconds
Staking Ratio = 16.84%
Inflation = -0.07%
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) *