Ethereum

Ethereum&#39;s native token, Ether, started the year on a strong note, with bullish trends and key milestones such as a rise in price and number of active addresses. In fact, the prediction is that it will reach 100 million addresses by the second quarter of 2023.An in-depth analysis of Ether’s ownership level this week showed that six addresses hold a total of 22.65% of the ETH supply, and these addresses have been active. This suggests that a majority of the tokens in circulation are held by whales, while retail owners hold a smaller percentage of the supply.Despite the recent FTX crash, Ether’s price recovery has been quite remarkable compared to other assets in the cryptocurrency market.<h2 id="header-0">Ether’s Performance this Week</h2>Ether’s rally cooled off this week after its price failed to stay above $1,600, booking only a 2% increase. The current trend is leaning bearish on lower time frames, and a test of the critical support at $1,550 appears imminent.Days after struggling to overcome $1,600, Ether finally climbed past the resistance level on Tuesday amidst a broader market rally. Even as a particular group of investors looking to pocket quick gains began offloading the token, this has not affected the growing appeal of the network.Considering the above, it is hard to expect buyers to hold onto the price in the near term as a pullback and correction seem more likely. At best, buyers can aim to defend the critical support levels at $1,550 and $1,400.<a href="https://www.coindesk.com/price/ethereum/" rel="noopener noreferrer nofollow">The current price of Ethereum, as of the time of writing</a>, is $1,647; Ether’s market cap presently sits at about $196B, with a trading volume of $9.2B.Ether saw a change of 2.13% over the past 24 hours, moving from a 24hr low of $1,590.19 to a 24hr high of $1,658.20. So far this year, it has experienced a change of 36.30%<h2 id="header-1">Technical Analysis</h2>From a technical analysis perspective, using the daily time frame, ETH is seen to currently be on a bearish and download trend. Depending on the volatility of the market, however, ETH’s price may still rise from the bearish position or just dive deeper and continue in a short-run bearish move.<img src="https://defi-planet.com/wp-content/uploads/2023/02/Screenshot-2023-02-13-at-19.42.50.png" />image source: <a href="https://www.tradingview.com/x/oigxZl3J/" rel="noopener noreferrer nofollow">tradingview.com</a><h2 id="header-2">Fundamental Analysis</h2>Following a tiresome period of consolidation above the $1,000 level, the price of Ether has been increasing over the past few weeks. The exchange reserve statistic has also stopped declining after experiencing a steep reduction since the FTX bankruptcy.Given that many investors have removed their coins from centralized exchanges and kept them in self-custody own wallets out of concern that CEXs would have the same problems as FTX, the recent rally is likely due to the sharp decline in exchange reserves.<h2 id="header-3">About Ether</h2>Ether (ETH) is the second largest cryptocurrency by market capitalization, and has been experiencing significant growth since its inception in 2015. Despite some initial fluctuations, ETH has consistently risen in value and has established itself as a major player in the cryptocurrency market.In recent years, Ether has been at the forefront of the decentralized finance (DeFi) movement, which has pushed its growth. DeFi platforms are built on the Ethereum blockchain, and allow users to participate in decentralized financial applications, such as lending, borrowing, and trading.It is also the chain that introduced NFTs which have streamed billions of dollars into cryptocurrency. Ether reached an ATH in 2021, at a whopping price of $4,878.26 and gas since then, experienced price fluctuations and dips, particularly due to the bearish condition of the Crypto market.Looking ahead, ETH may enter a low volatility period after such a steep rally.  could turn out to be bullish as long as buyers don’t allow the price to fall too low, allowing them to set up a good foundation for the next push higher.Overall, Ether has proved itself to be a major player in the market over the years, and is expected to remain a promising investment opportunity for investors interested in the Crypto market.Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.If you would like to read more articles like this, visit <a href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, and <a href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>.

Ethereum (ETH) Market Watch: A Weekly Price Analysis

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Alte articole publicate pe 14 feb. 2023

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