basically Ethereum it has never been in such good shape. However, ETH price action did not reflect this. Ethereum Merge100 days have passed since The network has become more environmentally sustainable and resilient.
Merge Update Improves Ethereum (ETH)
Proof-of-work mining has been replaced by the proof-of-stake consensus model. This reduced the energy consumption of the network by more than 99%.
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
On December 25, ETH developer “superphiz” commented on the matter that “we just did the right thing”.
According to Beaconcha.in, 15.7 million ETH are currently staked, which is around 13% of the total supply. At today’s price, it’s worth about $19.2 billion.
Also, the Ethereum network currently has over 490,000 active validators. Bitcoin’s hash rate has plummeted due to severe weather conditions in the United States and tensions in power grids. Ethereum no longer has such a problem.
StakingThis is not the only bullish foundation for Ethereum. Ethereum is also the world’s best NFT ecosystem. According to Nansen, a total of $23.7 billion worth of NFTs were printed and traded on Ethereum in 2022.
Also, Ethereum is the second largest NFT with an ecosystem witherIt is also in front of. Other touted ‘Ethereum killers’ such as Cardano and Polkadot can’t even get close to NFT activity.
Ethereum’s issuance is currently close to zero, according to the Ultrasound.Money tracker. The supply is only increasing at a rate of 0.012% per year.
Positive fundamentals for the network and ecosystem were not reflected in the price action. Ethereum at the time of this writing from $1,220 was trading. There was almost no movement in prices over the weekend.
However, analysts predict more price crunch for ETH. Additionally, technical indicators suggest that support at current levels could be broken soon.
*Not investment advice.
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