Ethereum Weekly - Edition 32
Welcome to the latest edition of Ethereum Weekly!
Ethereum (ETH) had a very lovely weekly climbing back over the $2,000 mark for the first time since Cinco de Mayo (May for the weekly close before falling back down below the critical milestone to kick off the week. What drove Ether's price so high last week and what is the outlook for the second-largest cryptocurrency moving forward? Let's find out...
The real driver for the jump in the price of ETH was thanks in part to another cryptocurrency and it wasn't Bitcoin. Ripple (XRP) is largely responsible for the crypto market moving higher over the weekend as it won a landmark case against the SEC in the United States. In the court ruling, Ripple was essentially classified as a "digital asset" by Judge Analisa Torres which sent XRP (and XLP) soaring over 60% on Friday and Ether benefited by jumping over 7% on heavy trading volume up over 90% from the previous week. The real worry was that Ripple would be considered a "security" by the court which could have put Ether in the same boat, but thankfully that didn't happen.
The ruling actually concluded that Ripple was not a security in most cases and for most investors on the secondary (or general) market, it is a huge win. The exception applies to institutional buyers who are speculating on the asset that they then planned to sell. I expect this part of the ruling to be further challenged honestly. The ruling also took place in a district court, so I expect it to be challenged further regardless, and I'm not sold on how strong of a case this actually is so far. Still, in the US we have all been looking for some sort of direction as to how crypto will be viewed and this helps in a small way at least. Don't expect the SEC to sit back and dwell on their perceived lost case with more cases in the pipeline including one against exchange giant Coinbase.
After the markets reacted quite positively to the news as one might have expected, one might have also expected a little pullback like the one we experienced today but where is Ether likely to head next? Most macroeconomic news out of the US recently has pointed to cooling inflation which will certainly help put a stop to raising interest rates and send the markets higher in celebration. Putting a halt to this positive inflation news was the Jobless claims came in lower than expected raising fears once again that inflation is here to stay.
Technically, most of the indicators for Ether are currently looking bullish. The widely followed RSI (relative strength index) is sitting above 50, which puts it in bullish territory. The 50-day Exponential Moving Average (EMA) currently sits around $1,860 so Ether is still well above this level. I'm keeping an eye on the new resistance and support levels. The resistance level appears to be around $2,010 with a support level somewhere around $100 lower than that figure. Watch for a break on either side if ETH can shoot past the resistance level or if it slips back under the support level.
The Crypto Greed and Fear Index highlighted below sits at 60 in the "Greed" range up five 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
- Ethereum Tops New Crypto ESG Ranking, Bitcoin Slammed for Heavy Energy Usage (CoinDesk)
- After Ripple Ruling, Grayscale Ethereum Trust Becomes More Interesting (Seeking Alpha)
- Ethereum Network Almost Twice as Busy as Bitcoin: Data (CryptoPotato)
- Massive Ethereum Withdrawal: $13.8M Shifts From Binance (Tron Weekly)
- Ethereum Price Lacks Momentum But ETH Holders Are Safe: Here’s Why (NewsBTC)
- Coinbase Restricts Ethereum, Solana Staking in Four US States (Decrypt)
- Ethereum scaling protocols drive zero-knowledge proof use: Finance Redefined (Cointelegraph)
- Understanding Ethereum Rollups: The New Way To Scale The Ethereum Ecosystem (Forbes)
- What Is Ethereum’s ‘Data Availability' Problem, and Why Does It Matter? (CoinDesk)
- Why The Ripple Ruling Is Bad News For Ethereum (Bitcoinist)
Ethereum Price Statistics (as of 7/13/2023, daily close)
- Ethereum Price = $2,005
- Last Week = $1,848
- Weekly High = $2,014
- Weekly Low = $1,847
- Market Cap = $231,625,038,944
- Market Cap Dominance = 18.456%
- Trading Volume = $13,794,947,415
- 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
If we look at exchanges, about 80% of the people who own Bitcoin also own Ethereum.
Ethereum Tweet of the Week
Ethereum Staking Statistics
- Validators = 665,240
- Block Time = 12.14 seconds
- Staking Ratio = 17.48%
- Inflation = -0.15%
- 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) *
- Coinbase (Get $10 and earn by learning)
- Crypto.com (Get $25 to sign up)
- KuCoin (Lend out your Ethereum)
* My Crypto Work *
- BOTZ - My Passive Income Generating NFTs (OpenSea link)
- Yield Farming - My Book on Amazon (paperback and eBook)
* Earn Free Crypto *
- Publish0x - earn crypto for reading and writing articles
- Presearch - earn crypto for searching on the internet
- Torum - earn crypto on this social media site with a crypto focus
- Zirkles - stories that pay in crypto like Publish0x
- PipeFlair - Faucet to earn MATIC and other cryptos
