Ethereum Weekly (6/9/23)

Ethereum Weekly - Edition 27

Welcome to the latest edition of Ethereum Weekly!

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Ethereum (ETH) traded in a very narrow range during the last week with a total variance of about $26 between its high and low. Everything settled down this week after the SEC filed claims against Binance and Coinbase which sent cryptos tumbling the prior week. This week everything appears to be on hold with little macroeconomic news and the heavily followed Federal Reserve meeting taking place next week.

So what will happen when Jerome Powell and his fellow government buddies meet next week? We are pretty certain they will finally not raise rates after doing so the last ten times they have met. That isn't really what investors are looking at having already factored that into current market prices. The real interest centers around what the Fed will do with rates in future meetings which they will give clues to in their statements following the meetings. Is this a pause on rate hikes or is this the start of a full stop? That is the question whose answer will send the markets up or down next week. Stay tuned.

Honestly, I'm a little torn as to what I think will happen because as I understand it there are now two distinct groups within the agency. One group wants to pause rate hikes and wait for further economic indicators to determine if any increases are needed as a result. The second group is in the camp that believes inflation is still much too high and further hikes are needed to dampen the price increases still very much prevalent in America. To serve as a compromise, this meeting will see a "skip" in rates as the two groups try to figure out their future direction.

Ethereum fell slightly during the week which outperformed most cryptocurrencies including Bitcoin which fell quite a bit further. Ether's price fell around 1.5% while BTC was down around 4%.

Why is Ethereum doing better than Bitcoin and altcoins?

We need to look at on-chain data for the answer. It appears that investors are increasingly moving away from altcoins that are struggling and risky memecoins and taking that capital to invest in Ether. Staking ETH is becoming increasingly popular after recent upgrades allowing investors to withdraw their tokens with another one million ETH staked on the beacon chain in the last week alone. This trend is causing demand for ETH to outpace supply causing a natural pressure on upwards price movement. If this trend continues, and I see no short-term reason why it wouldn't, I expect ETH to push towards $2K again baring any serious industry or economic bad news.

Looking at the price, I think the current support level rests just a fraction under $1,800, and if the price dips below there it could head quickly toward $1,700. I don't expect this to happen, but it is always a possibility. But overall, I believe most indicators and signals surrounding Ether are pretty bullish at the moment, especially basic supply and demand factors. Keep an eye on its market cap dominance which I can see eclipsing the 20% market this summer. There has been a surge in Ether's transaction volume since the SEC's June 5th announcement against Binance, after an initial slowdown, showing lots of investor interest in the second largest crypto.

There is still much happening on the Ethereum network itself to feel positive about. Yesterday, developers came to an agreement as to what is to be included in the next upgrade dubbed "Decun" designed to reduce gas fees on the network and increase its storage capacity. This hard fork will introduce "proto-dank sharding" which basically allows the network to process or bundle groups of data which will help speed up transactions and reduce costs resulting in lower fees. This is just one more in a series of upgrades all creating a more bullish future for Ethereum both as a coin and a network.

The Crypto Greed and Fear Index highlighted below sits at 50 in the "Neutral" range and is exactly where it was at last week.

Ten Must-Read Ethereum and Altcoin Articles This Week

Ethereum Price Statistics (as of 6/8/2023, daily close)

  • Ethereum Price = $1,846
  • Last Week = $1,862
  • Weekly High = $1,859
  • Weekly Low = $1,833
  • Market Cap = $222,133,479,420
  • Market Cap Dominance =19.287%
  • Trading Volume = $4,902,442,974
  • 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

Ethereum isn’t the original project’s blockchain, that would be Ethereum Classic!

Ethereum Tweet of the Week

Ethereum Staking Statistics

  • Validators = 607,446
  • Block Time = 12.19 seconds
  • Staking Ratio = 15.98%
  • 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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