Ethereum To Witness More “Painful” Days Ahead! Here’s What Analysts Are Saying

Ethereum To Witness More “Painful” Days Ahead! Here’s What Analysts Are Saying

It has been 100 days since the ETH Merge! By turning off energy-intensive mining 100 days ago, the Ethereum network became a beneficial contributor to global health. 

The Merge combines the current execution layer with the just-deployed consensus layer (the Beacon Chain), creating a mainnet platform secured by proof-of-stake while preserving the current state of Ethereum.

Several advantages of ETH include, First of all, Ethereum enables more users to join the network. Secondly, Sharding is also made possible by the Merge. Third, Ethereum now has a better environmental impact.

Is ETH more resilient than BTC? 

In a recent tweet by @Ethprofit it displayed charts from the ETH network indicating the resilience of ETH in comparison to BTC. ETH is running at almost 100% capacity, with no validators dropping off. Additionally, it demonstrated how the BTC loses 30% of its security overnight because of being too “cold.” 

ETH is heading to become the world’s top NFT ecosystem. In 2022, a total of $23.7 billion worth of NFTs were minted and traded on Ethereum and the weekly volume reached $1.6 billion. 

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 💰

— Nansen 🧭 (@nansen_ai) December 26, 2022

However, it’s not all good news this holiday season for ETH. The issuance of Ethereum is currently close to zero. The supply is only increasing by 0.012% annually and has slightly decreased since reaching a peak of 121.3K ETH. The fundamentals look positive for ETH but this has not been reflected in the price action of the currency despite good developments in the industry. 

Ethereum is presently trading at $1,220 per unit. Since the asset has stayed range-bound at $1,200, there hasn’t been much of a change in price over the weekend. Analysts believe that the price of ETH will continue to fall. The support at the current levels may also be shattered soon, according to technical indicators.

$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!

— Bleeding Crypto (@Bleeding_Crypto) December 25, 2022

What does 2023 look like?

Ethereum is currently trading at $1,220. Even though the market is favorable for a surge in prices of the coin. In reality, there has been almost no change in the prices at all. Multiple analysts believe that the price will continue to fall. 

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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