עטהערעום פּרייס פּיין פּרעדיקטעד טראָץ האַרט פונדאַמענטאַלס

פונדאַמענטאַל, עטהערעום has never looked in a better shape. However, ETH price action has not reflected this.

It has been 100 days since the Ethereum Merge, and the network has become more environmentally sustainable and resilient.

פּרוף-פון-אַרבעט mining was replaced with a דערווייַז-פון-פלעקל consensus model. This has reduced network energy consumption by more than 99%.

On Dec. 25, ETH developer “superphiz” commented on the narrative stating, “we just did the right thing.”

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 זאַמד and created narratives to justify ourselves, but instead we just did the right thing. pic.twitter.com/xV6REPe819
— superphiz.eth 🦇🔊🐼 (@superphiz) דעצעמבער קסנומקס, קסנומקס

לויט beaconcha.in, there is currently 15.7 million ETH staked, accounting for around 13% of the total supply. At today’s prices, it is valued at around $19.2 billion.

Additionally, there are currently more than 490,000 active validators on the Ethereum network. ביטקאָין'ד hash rate tanked due to severe weather conditions and stress on energy grids in the United States. Ethereum no longer has this issue.

Ethereum Leads NFT Activity

Staking is not the only bullish fundamental for Ethereum. It is also the world’s top NFT ecosystem. According to Nansen, a total of $23.7 billion in NFTs were minted and traded on Ethereum in 2022.

Furthermore, it is way ahead of the second-largest NFT ecosystem, סאָלאַנאַ. Other touted ‘Ethereum killers,’ such as קאַרדינאָ and Polkadot, don’t even come close regarding NFT activity.

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 💰 pic.twitter.com/5GQZEgKhvX
— נאַנסען 🧭 (@nansen_ai) דעצעמבער קסנומקס, קסנומקס

Ethereum’s issuance is currently close to zero, according to the Ultrasound.Money טראַקער. The supply is growing by just 0.012% per year and it has shrunk marginally from its peak of 121.3K ETH.

The biggest gas guzzler at the moment is the CoinTool XEN batch minter, which has burnt 164 ETH over the past 24 hours. קסען is a token that anyone can mint and has pyramid-type טאָקענאָמיקס but it still appears to be popular.

Gloomy Price Predictions for ETH

The positive fundamentals for the network and ecosystem have not been reflected in price action. Ethereum is currently trading flat on the day at $1,220 at the time of writing.

There has been virtually no movement in prices over the weekend as the asset has remained range-bound at the $1,200 level.

However, analysts are predicting more price pain ahead for ETH. Additionally, technical indicators suggest that support at current levels could be broken soon.

$ עטה 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! pic.twitter.com/XrM2HcFr4O
- בלידינג קריפּטאָ (@Bleeding_Crypto) דעצעמבער קסנומקס, קסנומקס

Furthermore, bearish triangles are also present. This has led one analyst to predict a fall to $1,080 for ETH פּרייסאַז.

אָפּלייקענונג

BeInCrypto שטרעבט צו צושטעלן פּינטלעך און דערהייַנטיקט אינפֿאָרמאַציע, אָבער עס וועט נישט זיין פאַראַנטוואָרטלעך פֿאַר קיין פעלנדיק פאקטן אָדער ומפּינקטלעך אינפֿאָרמאַציע. איר נאָכקומען און פֿאַרשטיין אַז איר זאָל נוצן קיין פון די אינפֿאָרמאַציע אויף דיין אייגן ריזיקירן. קריפּטאָקוררענסי זענען העכסט וואַלאַטאַל פינאַנציעל אַסעץ, אַזוי פאָרשונג און מאַכן דיין אייגענע פינאַנציעל דיסיזשאַנז.

Source: https://beincrypto.com/ethereum-fundamentals-looking-good-but-analysts-predict-price-pain-ahead/