Ethereum Weekly (2/3/23)

Ethereum Weekly - Edition 9

Welcome to the latest edition of Ethereum Weekly!

Ethereum (ETH) had its fourth-straight green candle week gaining around $40 to keep the 2023 party rolling. The second-largest cryptocurrency keeps going up and to the right as it heads into February after a month in which the price grew roughly 40%.

This week all eyes were on the Federal Reserve in the United States and the agency did what everyone expected raising interest rates by 25 basis points to help tame inflation. The Fed is easing off the gas and beginning to apply the brakes on hikes coming down from their 50-point hike in December. “Inflation has eased somewhat but remains elevated,” the Fed said in a statement following their two-day meeting. The US Central Bank did not signal an end to their hawkish ways as Chairman Jerome Powell stated that inflation "has moderated but remains too high."

The latest move by the Fed brings the federal funds rate to a range of 4.5% to 4.75% after a series of increases over the past year, the biggest set of increases since the early 1980s. A year ago, the rate was pretty much set at zero.

What will the Fed do next?

I expect Powell and Company to push the rate to right around 5% before halting the increases assuming inflation stays somewhat in check. To get there, you would figure another couple 25-point increases over the next two meetings which will occur in March and May. Then, depending on inflation figures the agency could stop or perhaps add in one more 25-point increase after that. This is all speculation of course on my part, but all indications are pointing that way.

Ethereum should continue to rise this month but will have initial trouble breaking the current resistance level which looks to sit around $1,680. Looking at the technical analysis trends, we appear to be in an ascending triangle pattern, and playing that out we should be pushing the $1,800 level in the next few weeks. Investor sentiment, as expressed by the Crypto Greed and Fear Index, continues to improve adding wind to Ether's sails.

On the negative side of the news, we have the Gemini exchange being looked at by the SEC in the US which is charging the firm with offering unregistered securities through Earn. Essentially, the agency is being looked at because users were led to believe that their funds were protected by the Federal Deposit Insurance Corporation (FDIC) which certainly wasn't the case. We will have to see how this case plays out. On the positive side of the news, the"Zhejiang" public testnet launched this week as Ethereum upgrades remain on track and seem to be progressing smoothly.

The Crypto Greed and Fear Index highlighted below sits at 60 in the "Greed" range and is up 5 points from where it was at last week.

Ten Must-Read Ethereum and Altcoin Articles This Week

Ethereum Price Statistics (as of 2/2/2023, daily close)

  • Ethereum Price = $1,641
  • Last Week =$1,602
  • Weekly High = $1,704
  • Weekly Low = $1,602
  • Market Cap = $197,538,362,052
  • Market Cap Dominance =17.738%
  • 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

So what is the difference between Ether and Ethereum? Ether is the actual token we use to trade (ETH) while Ethereum is the underlying blockchain although we commonly use the term Ethereum to refer to the actual token. I won't hold the fact that you are using the term "Ethereum" incorrectly since I use the terms interchangeably as well...

Ethereum Tweet of the Week

Ethereum Staking Statistics

  • Validators = 511,376
  • Block Time = 12.06 seconds
  • Staking Ratio = 14.2%
  • 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

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