Ethereum

Merge

<ul> 
 <li><strong>At the time of writing, ETH is trading at $2197, down 1.65% in the last 24 hours.</strong></li> 
 <li><strong>If the price manages to go above $2251 level then it will likely test $2311 resistance level.</strong></li> 
</ul> 
<p>An ex-Ethereum adviser named Steven Nerayoff claims that the driving force to promote Ethereum always comes back to the lucrative gas fees. In a post on Twitter, Nerayoff made this claim and noted that when fees spike, a small group of powerful people, rather than the ordinary user, benefit. This is particularly true if ownership and mining are as concentrated as believed to be.</p> 
<p>In the time after the <a href="https://thenewscrypto.com/ethereum-merge-opens-debate-over-centralization-issues/" target="_blank" rel="noreferrer noopener">Merge Event</a> in September of 2022, an astonishing $2.5 billion worth of ETH has been burnt, according to an analysis of data. The current supply of <a href="https://thenewscrypto.com/can-ethereum-recover-from-its-bearish-trap-to-cross-2300/" target="_blank" rel="noreferrer noopener">Ethereum</a> stands at 309,663 ETH, a level not seen in 18 months, according to Ultrasound Money.</p> 
<p>When compared to the inflation that Ethereum had been experiencing before, this new phenomenon stands out. The burning of 1,195,238 ETH has indeed caused the asset to exhibit a deflationary movement. In addition, the asset’s value will be positively affected in the long run by that irreversible decrease in supply.</p> 
<p>In contrast to the constant issuance of new Ether, the supply has remained deflationary, which bodes well for the prospect of future increases in the value and rarity of Ethereum.</p> 
<h3 class="wp-block-heading" id="h-bulls-losing-grip">Bulls Losing Grip</h3> 
<p>At the time of writing, ETH is trading at $2197, down 1.65% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 11.13%.&nbsp;The crypto market as a whole has been witnessing selling pressure.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
  <img decoding="async" width="630" height="380" src="https://thenewscrypto.com/wp-content/uploads/2023/12/ETH_1M_graph_coinmarketcap-1.png" alt="" class="wp-image-87375" srcset="https://thenewscrypto.com/wp-content/uploads/2023/12/ETH_1M_graph_coinmarketcap-1.png 630w, https://thenewscrypto.com/wp-content/uploads/2023/12/ETH_1M_graph_coinmarketcap-1-300x181.png 300w" sizes="(max-width: 630px) 100vw, 630px">
  <figcaption class="wp-element-caption">
   Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noreferrer noopener nofollow">CoinMarketCap</a>
  </figcaption>
 </figure>
</div> 
<p>If the price manages to go above $2251 level then it will likely test $2311 resistance level. Conversely if the price manages to go below $2153 level then it will likely test $2079 support level.</p>

Ethereum Continues to Trade in Red as Bears in Total Control

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