Tag: Ethereum

The bear market has resulted in multiple losses for individuals and even large entities, and according to recent data shared by crypto analytics site, Dune analytics, the majority of all ETH stakers are in the loss while fewer stakers remain in the money. The reason behind the result of more losses than profit is due to the market conditions starting in 2021 after the Ethereum Beacon chain was launched, to the present. ETH had reached a new all-time high (ATH) but has also fallen by more than 50% from the ATH. Related Reading: Ethereum Price Key Trend is Forming and Swift Recovery Could Occur Weekly Staked ETH Fall To Lowest Levels as Only 20% Of ETH Staked Is In Money The January 4 published data further showed that 80% of ETH staked are currently recording losses. The stakers who happen to be part of the 20% still in money are those that staked ETH at prices lower than the current levels.  Per the data, a significant chunk of staked ETH was staked when ETH was still in the $600 price range — this dates back to December 2020 when the Beacon Chain was launched. Though ETH has since increased to a point where it’s now 50% higher than the 2020 price level, 80% of the currently staked ETH was staked at prices equal to or above $1,200. Following the massive losses recorded in staked ETH, the amount of weekly staked ETH has seen a sharp decline with fewer ETH staked since the last quarter of 2022. Over the past week, only a total of 25,000 ETH has been staked.  Prior to the extreme market conditions, figures of roughly 150,000 ETH were being staked per week. Should ETH continue into a downward movement, chances are there could be massive withdrawals from ETH staking contracts when a withdrawal mechanism is implemented later this year.  Considering The Long Term Perspective  Another narrative worth considering is the long-term perspective. Given the fact that most stakers already had an initial idea of keeping their ETH for the long term, they might as well turn a blind eye to the current price levels of Ethereum.  Besides, staking ETH directly or through an exchange would usually involve a committed two-year lockup period. For context, 15.9 million ETH is currently staked, representing 13.2% of the entire supply, according to Dune data reports.  Related Reading: Ethereum Price Relatively Muted, Bulls Still Aim Key Upside Break However, even with the dip that seems to be never-ending, there are still hopes for Ethereum and even other altcoins. As of the time of writing, ETH is up by over 3% in the last 24 hours with a trading volume of $5.2 billion over the same time period. Furthermore, a reversal is expected to happen, given the sharp upwards movements in what seems to be a false move. Featured image from istock, Dune analytics and TradingView

Ethereum started a fresh decline from the $1,230 resistance against the US Dollar. ETH could accelerate lower if there is a clear move below the $1,180 support.

Ethereum is showing bearish signs and trading well below the $1,230 resistance zone.
The p…

The entire crypto industry has been experiencing a winter since the last quarter of 2021. Some cryptocurrency prices experienced a massive price slump, with many declining over 65%. However bad things may look, crypto may not go extinct as its popularity has not reduced. A recent study by CryptoManiaks, a crypto education platform, shows that Turkey and the Netherlands ranked top in cryptocurrency awareness. As per the survey, 5.5% and 8.2% of the population in Turkey and the Netherlands searched for crypto-related terms. Turkey accounted for 4.7 million searches, topping the chart with large numbers. Related Reading: Ethereum Price Bulls Hold Strong, Indicators Suggest Fresh Rally To $1,400 Turkey has made tremendous improvements in crypto adoption since the beginning of 2022. A 2022 research by the Turkish crypto exchange Paribu estimated that at least 8 million people in Turkey engaged in crypto. Turkish President Recep Tayyip Erdogan spoke about the benefits of blockchain innovations. In his statement, Erdogan added that Turkey wants to be a producer of digital assets, not a consumer. DOGE Outranks Ether In Terms Of User-Curiosity In Turkey The latest CryptoManiaks study analyzed the number of searches for some selected cryptocurrencies. They represented the number of cryptocurrencies as a percentage of the population for each country to calculate the monthly local searches. Turkey ranked second in the overall study and first with 812,000 monthly searches related to Dogecoin. According to the survey, the number of searches for Dogecoin doubled that of Ethereum, the third most searched crypto in the country. CryptoManiaks’ spokesperson commented on the rising Dogecoin curiosity over the last 12 months. He said Dogecoin’s popularity has significantly exceeded Ethereum’s, with almost 2 million monthly searches worldwide. DOGE became popular after Elon musk revealed plans to make it the official token for Twitter monetization. As a result, the memecoin’s price soared to an all-time high within the week of the complete official acquisition of the social media platform by Elon Musk. The survey didn’t feature only DOGE and Ethereum. It also featured Solana, BNB, Bitcoin, and others. After Turkey and the Netherlands, Canada, Germany, and the Czech Republic followed in ranking. Bear Market Didn’t Cripple People’s Interest In Crypto Although the United Kingdom and the United States are top global players in the cryptocurrency industry, none ranked in the top. That is because the number of searches is insignificant compared to their population sizes. For example, the United States ranked 15th, with 1.9% of its population searching for crypto-related terms, whereas the United Kingdom took the 12th spot with 2.6%. Related Reading: Ethereum: On-Chain And Social Metrics Reveal Bulls Vs. Bears Battle – Who’s Winning? Recent research by Cointelegraph also showed that the bear market did not affect the interests of several institutions in the Crypto industry. According to the report, top institutions are still interested in the cryptocurrency industry and continue to invest millions in crypto-related projects. Featured image from Pixabay, chart from TradingView.com

The Ethereum price has moved in the same direction as the broader market. In the last 24 hours, Ethereum has moved up by 2.5%. On the weekly timeframe, the altcoin has rarely registered any movement. This reflects lateral trading for ETH. In the short term, the altcoin might be registering gains, but as the technicals indicate, the coin can depreciate again before it rallies. Accumulation has been considerably low on the chart. Buying activity must significantly increase if ETH is to break above the $1,300 price mark. Even though ETH remained comfortably above the $1,220 price, buying strength has been weak on the daily chart. Ethereum has to keep trading above the $1,240 and $1,250 price levels for the coin to take a shot at $1,300. The bulls will lose all strength if the Ethereum price moves below the $1,240 mark and closes near $1,230. This price pullback can then further fuel a rally to $1,300. Related Reading: Ethereum: On-Chain And Social Metrics Reveal Bulls Vs. Bears Battle – Who’s Winning? Ethereum Price Analysis: One-Day Chart ETH was trading at $1,275 at the time of writing. The coin is presently consolidating after flipping the $1,240 level as support. Immediate resistance for Ethereum stood at $1,290; the coin is expected to encounter a setback at that level. However, ETH must stay above $1,250 to avoid a significant loss of value. The bulls must keep defending the $1,250 level regarding the closest support line. The amount of Ethereum traded in the last session declined slightly, indicating a fall in the number of buyers in the market. Technical Analysis Corresponding to the earlier statement about low buyers, the technical outlook also painted the same picture. Although above the half-line, the Relative Strength Index remained weak as it displayed a downtick on the daily chart. This reading is associated with a fall in demand and accumulation. On the contrary, the Ethereum price was above the 20-Simple Moving Average. The indicator depicted that ETH was in the hands of the buyers, as the buyers were driving the price momentum in the market. With buyers still under some control of the price, the Moving Average Convergence Divergence (MACD) reflected the same sentiment. MACD indicates price movements and trend reversals; the indicator displays small green signal bars tied to the buy signal for ETH. However, it is to be remembered that the signals were declining in height, indicating a fall in demand. Bollinger Bands demonstrate the chance of price fluctuation and volatility in the market. Because the bands remained parallel, Ethereum is expected to trade within a range in the coming trading sessions. Related Reading: Ethereum Price Bulls Hold Strong, Indicators Suggest Fresh Rally To $1,400 Featured image from Unsplash, Chart: TradingView.com 

Ethereum (ETH) has failed to rise above key resistance at $1,300 despite rising around 4% over the past 24 hours. At press time, the second largest cryptocurrency by market cap was trading at $1,289. As the trading volume shows, the bulls and bears have woken up again. In the last 24 hours, the trading volume was $6.4 billion, which is about 31% higher than the previous day. Ethereum On-Chain And Social Metrics Show Uncertainty Analysis company Santiment has conducted an analysis of bullish and bearish signs in on-chain and social data for Ethereum and the result is mixed. A bullish argument is made by Ethereum’s shark and whale addresses. As Santiment writes, just as with Bitcoin, the ETH millionaire addresses gave up much of their supply while conditions looked poor. Related Reading: How Litecoin (LTC) Outperforms Other Top Cryptocurrencies In This Department However, this circumstance has fundamentally changed recently. A month ago, large ETH addresses started accumulating Ethereum again. Since November 7, Ethereum addresses holding 100 million to 1 million coins have accumulated 1.36% of the total supply and 2.09% more ETH overall (than before). Social volume, on the other hand, looks bearish. As with the majority of all cryptocurrencies, the number of discussions on Ethereum is decreasing, but this seems normal for a bear market. As Santiment notes, this is not necessarily a bad thing when the weak hands leave the market. What is negative, however, is that “there is so little talk about Ethereum compared to other top assets.” Related Reading: Upcoming FOMC Meeting Is The Most Important Ever For Bitcoin – Watch Out For The Dot Plot At the same time, this could also turn into a bullish argument if bullish whales can drive the price higher with little resistance, thus significantly affecting the general market sentiment. Currently bearish is also the MVRV (average trading return of addresses). The average return among long-term (365-day) addresses still indicates a “lot of pain.” However, based on an emerging long-term uptrend in the MVRV, the metric could also be moving into bullish territory. Extremely bullish is the remaining supply of Ethereum on exchanges. This is at a 4-year low of 12.1% of total supply. Thus, the metric clearly points to a nascent bottom that is forming. Sides Are Still Polarized In contrast, funding rates (perpetual contracts) are neutral. Neither the bulls nor bears can prevail on this metric at the moment. ETH funding rates have been too flat to swing in either direction since the FTX implosion. In terms of realized gains/losses, the bears are clearly winning at the moment, according to Santiment’s analysis. Given the recent surge in the Ethereum price, there is currently a lot of short-term profit-taking. Ultimately, Santiment summarizes: Overall, Ethereum’s on-chain and social metrics are about as mixed as the crowd’s perspective is. […]Long-term? […] Ethereum is very likely closer to its upcoming 3-year low vs. its 3-year high. But are we at maximal pain? Probably not yet.

Ethereum price has held onto its bullishness on the one-day chart. In that timeframe, the altcoin has managed to increase in value by 3%. Over the last week, the coin rallied over 21%, breaking past multiple resistance levels, which has further strengthened the bulls. The coin has to zoom past two important resistance lines in order to continue its bullish streak. The technical outlook of the coin continued to display bullish momentum. There was a surplus of buyers as Ethereum price shot up to the overbought zone. Bitcoin has finally settled at the $20,000 price mark over the last 24 hours, turning other altcoins positive too. Ethereum price has been rangebound for multiple weeks, but with the overall market turning green, the coin has helped the altcoin eye its next major resistance line. If ETH manages to break past the $16,000 zone, then a move to the $2,000 price mark could be likely. On the other hand, if buying strength loses steam, then ETH can again start to exhibit rangebound price movement. Ethereum Price Analysis: One Day Chart ETH was trading at $1,560 at the time of writing. Ethereum price has soared considerably over the past week, breaking past its consolidation phase. If the coin has to sustain this price momentum, it is important that it trades above its immediate resistance of $1,630. Moving past that level will help the bulls challenge the $1,700 price mark. This would help the bullish thesis gain strength. Once the altcoin moves past the $1,900 mark, Ethereum price will be completely in the control of the bulls. In case the surge doesn’t last, a fall will bring the altcoin to $1,300 first and then finally to $1,200. In the past few trading sessions, the amount of ETH traded witnessed an increase, pointing towards higher demand for the altcoin. Technical Analysis The altcoin was overbought on the one-day chart. The last time Ethereum visited this zone was in the month of August. This marked a multi-month high for the altcoin in relation to the buying pressure it witnessed. The Relative Strength Index was above the 80-mark, which signifies that ETH was overbought as demand for the coin increased. Ethereum price was above the 20-SMA line, which was a sign of bullishness as buyers were driving the price momentum in the market. With sustained demand, the 20-SMA could cross above the 50-SMA line, forming a golden cross, which is considered to be bullish. Related Reading: Solana Price Bounces Back, Move Above $34 Remains Crucial The other technical indicators were also quite bullish, supporting the notion that buyers had taken over. Moving Average Convergence Divergence indicates the price momentum of the coin and the price direction. The MACD was positive as it formed green signal bars which were growing. This pointed to a buy signal for the coin. The Directional Movement Index was also positive as +DI was above the -DI line, which signals a bullish price direction. The Average Directional Index (red) was above the 20-mark, forming an uptick pointing in the price direction, gaining strength. Related Reading: Here’s What’s Keeping Ethereum From Taking Bitcoin’s Shine, ETH Claims $1,500 Featured Image From UnSplash, Charts From TradingView

Ethereum declined below the $1,300 support against the US Dollar. ETH is showing bearish signs and there is a risk of a more losses towards $1,200 or even $1,150.

Ethereum started a fresh decline below the $1,350 and $1,320 support levels.
The price i…