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Ethereum Price Pain Predicted Despite Solid Fundamentals

Altszn.com by Altszn.com
December 26, 2022
in Ethereum
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Ethereum Price Pain Predicted Despite Solid Fundamentals
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Fundamentally, Ethereum has never looked in a better shape. However, ETH price action has not reflected this.

It has been 100 days since the Ethereum Merge, and the network has become more environmentally sustainable and resilient.

Proof-of-work mining was replaced with a proof-of-stake consensus model. This has reduced network energy consumption by more than 99%.

On Dec. 25, ETH developer “superphiz” commented on the narrative stating, “we just did the right thing.”

100 days ago, the Ethereum network became a positive contributor to global health by turning off energy-intensive mining. We didn’t have to do this, we could have stuck our heads in the sand and created narratives to justify ourselves, but instead we just did the right thing. pic.twitter.com/xV6REPe819

— superphiz.eth 🦇🔊🐼 (@superphiz) December 24, 2022

According to Beaconcha.in, there is currently 15.7 million ETH staked, accounting for around 13% of the total supply. At today’s prices, it is valued at around $19.2 billion.

Additionally, there are currently more than 490,000 active validators on the Ethereum network. Bitcoin’s hash rate tanked due to severe weather conditions and stress on energy grids in the United States. Ethereum no longer has this issue.

Ethereum Leads NFT Activity

Staking is not the only bullish fundamental for Ethereum. It is also the world’s top NFT ecosystem. According to Nansen, a total of $23.7 billion in NFTs were minted and traded on Ethereum in 2022.

Furthermore, it is way ahead of the second-largest NFT ecosystem, Solana. Other touted ‘Ethereum killers,’ such as Cardano and Polkadot, don’t even come close regarding NFT activity.  

In 2022, a total of $23.7 billion worth of NFTs were minted and traded on Ethereum

Weekly volume reached $1.6 billion in early May after Yuga Labs launched Otherdeed for Otherside 💰 pic.twitter.com/5GQZEgKhvX

— Nansen 🧭 (@nansen_ai) December 26, 2022

Ethereum’s issuance is currently close to zero, according to the Ultrasound.Money tracker. The supply is growing by just 0.012% per year and it has shrunk marginally from its peak of 121.3K ETH.

The biggest gas guzzler at the moment is the CoinTool XEN batch minter, which has burnt 164 ETH over the past 24 hours. XEN is a token that anyone can mint and has pyramid-type tokenomics but it still appears to be popular.

Gloomy Price Predictions for ETH

The positive fundamentals for the network and ecosystem have not been reflected in price action. Ethereum is currently trading flat on the day at $1,220 at the time of writing.

There has been virtually no movement in prices over the weekend as the asset has remained range-bound at the $1,200 level.

However, analysts are predicting more price pain ahead for ETH. Additionally, technical indicators suggest that support at current levels could be broken soon.

$ETH This does not look very good ATM for ETH. Lost support, MACD on the H4 rolling over and PA is below all EMA’s

On a Positive note, in the telegram channel we already anticipated this and were in short positions so now we can sit back and let this play out. Merry Christmas! pic.twitter.com/XrM2HcFr4O

— Bleeding Crypto (@Bleeding_Crypto) December 25, 2022

Furthermore, bearish triangles are also present. This has led one analyst to predict a fall to $1,080 for ETH prices.

Disclaimer

BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.





Read More: news.google.com

Tags: ETHEthereumfundamentalspainpredictedPricesolid
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    • staked-etherLido Staked Ether (STETH) $ 2,484.02
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 103,190.00
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    • hedera-hashgraphHedera (HBAR) $ 0.190727
    • bitcoin-cashBitcoin Cash (BCH) $ 392.73
    • the-open-networkToncoin (TON) $ 3.08
    • litecoinLitecoin (LTC) $ 97.12
    • polkadotPolkadot (DOT) $ 4.65
    • usdsUSDS (USDS) $ 0.999872
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