Ethereum: Healthy Foundation, But Dismal Price Predictions – Cryptonium News

Ethereum: Healthy Foundation, But Dismal Price Predictions

The Ethereum network is in remarkable shape. However, ETH exchange rate observers do not yet share this optimistic view.

As part of Merge’s welcome update, it has been 100 days since the entire Ethereum mainnet switched from a very energy-consuming Proof-of-Work (PoW) mechanism to an energy-saving Proof-of-Stake (PoS) method.

The Merge update was the most challenging in the entire Ethereum landscape, but it was by no means the goal. The network continues to evolve, and the first 100 days after Merge demonstrated the stability and viability of the blockchain in general.

On December 24, the maker of ETH, nicknamed superphiz, reminded Twitter readers of the date of this round and the positive contribution of Merge’s updates to the massive defense of the surrounding environment. He emphasized that

We should never have created this. Had we done so, we would have had the opportunity to bury our heads in the sand and apologize, but instead, we did the right thing.”

According to Beaconcha. Currently, there are 1, 5.7 million ETH in the protocol on the stack. This represents about 13% of the coin supply, which is equivalent to about $19.2 billion at current exchange rates.

Currently, the Ethereum network is supported by over 490, 000 centralized validators and is literally running at 100% capacity. This is favorably distinguished from the recently emergent history of the Bitcoin (BTC) network, where hash rates dropped 35% (other reports say 38%) due to power outages during a ferocious storm over the weekend. U.S. states where miners are concentrated.

This distinction is noted by Twitter reader @Ethprofit who writes
This is the actual stability of the network. Due to the very ‘cold’ weather, the security of the BTC network has recently dropped by 30%.” Could not read all totals. Retrying…

In addition to stacking, another pillar of stability for the Ethereum network is considered to be the very large global NFT ecosystem. According to Nansen, by 2022, $23.7 billion worth of NFTs will be issued and sold on the Ethereum blockchain. This makes the network far superior to the second largest NFT ecosystem, Solana, in terms of strength.

According to tracker Ultrasound, the issuance of new coins during that time is currently literally zero, money that supports the deflationary properties of ETH. The supply of coins is growing, but at an annual growth rate of only 0.012%. Aside from that, the index has fallen slightly from its upper limit of 121.3 thousand ETH.

However, all of these promising characteristics are not yet reflected in cattle dynamics. As of this writing, the price is trading near US$1220, indicating somewhat lower strength.

In this case, experts fear that further potential for ETH looks very unfortunate and that the current support could soon be terminated. Crypto analyst @Bleeding_Crypto recently wrote about it and pointed to some tenuous technical clues.

Once again, analyst @profit8lue predicted a bearish triangle on the chart, based on which ETH could fall to $1080. Unable to read all totals. Repeated retries…