Ethereum Weekly - Edition 11
Welcome to the latest edition of Ethereum Weekly!
Ethereum (ETH) opened the week virtually unchanged from the previous week, down just a couple of dollars. Crypto investors' eyes remain fixated on two main factors; inflation and regulation. This is especially true within the United States whose interest rates move the needle for Ethereum and just about every other risk asset now seemingly linked almost directly to US stock market moves and the strength of the US dollar.
Crackdowns in the US continue with Kraken exchange's staking services shut down and Paxos being ordered to stop minting BUSD. Next on US regulations radar could be a major player like Coinbase which claims that their staking solutions should not be considered securities. Guess we will find out in court in the not-so-distant future. Ethereum, having moved to a proof-of-stake mechanism, will be watched closely to see how the US aims to classify the asset now.
Moving away from the United States, it looks like China is starting to take a closer look at crypto. Should this huge Asian market open up towards crypto, expect coins like Ethereum to jump on new investment dollars.
Last week, Thursday was the most interesting day with strong producer price index data released and some rather "hawkish" statements from St. Louis Fed President James Bullard. Outside of a small pullback, the markets held strong throughout the day which is a positive sign moving forward for all markets.
Looking at the current price points on the charts, I would peg Ether's resistance level around $1,715 and then $1,950 with the support levels around $1,560 and then around $1,420. Bull's are watching the Ethereum trading volume, which they would like to see high with the price pushing well past the initial resistance level. ETH is looking strong in terms of short-term moving averages indicating these same bulls are currently in charge.
The Crypto Greed and Fear Index highlighted below sits at 61 in the "Greed" range and up 13 points from where it was at last week.
Ten Must-Read Ethereum and Altcoin Articles This Week
- Unlike Merge, Ethereum's Shanghai Upgrade Could Bring Ether Price Volatility (CoinDesk)
- Ethereum price prints ‘death cross’ after losing 13% versus Bitcoin from 2023 peak (Cointelegraph)
- Can Ethereum reach $10000? Here's how this could be possible (Finbold)
- Ethereum Devs Found Critical Bug Ahead Of Major Upgrade (Bitcoinist)
- Ethereum supply plunges 37% on crypto exchanges post the Merge upgrade (Cointelegraph)
- Why Bitcoin Miners Need to Take Ethereum Seriously (CoinDesk)
- Whale Purchases Over $79.2 Million Worth Of Ethereum (Investing.com)
- Ethereum deflation rate is accelerating by the day: Here’s what to expect from ETH price (FXStreet)
- Sell or stake: Ethereum staking giant Lido mulls choices for its $30M ETH (Cointelegraph)
- Ethereum Is 55% Complete Post-merge, Far From Buterin's Plan (Investing.com)
Ethereum Price Statistics (as of 2/16/2023, daily close)
- Ethereum Price = $1,641
- Last Week =$1,645
- Weekly High = $1,738
- Weekly Low = $1,632
- Market Cap = $200,586,135,950
- Market Cap Dominance =17.542%
- All-Time High = $4,878.26 on November 10, 2021
Up-to-the-Minute Ethereum Price Statistics
statistics provided by CoinGecko
Ethereum Fun Fact of the Week
Guess what you could buy for a cool $1 back in January of 2016? Yup, one ETH!
Ethereum Tweet of the Week
Ethereum Staking Statistics
- Validators = 519,588
- Block Time = 12.07 seconds
- Staking Ratio = 14.44%
- 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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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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