eth market, eth price, eth staking, ethereum, ethereum contract

Ethereum has been one of the cryptocurrencies that have received major support from the crypto community regardless of how the price performs in the market. Since the Ethereum Merge was completed, though, the digital asset has not performed as well as expected. ETH’s price has continuously bled out, which has led to its price relegating to the low $1,000s. As the new month begins, speculations abound on whether the cryptocurrency has what it takes to recover.

Three Red Weekly Closes

Along with the rest of the crypto market, Ethereum’s price has suffered bitterly at the hands of the bulls. Once again, the curse of September reared its ugly head, and digital assets across the space saw more red than green during this time period. Ethereum itself had closed out the month with three consecutive red weekly closes, which has greatly impacted its performance in the market.

Related Reading: LUNC Price Gains 50% Despite Kwon’s Troubles, What’s Driving It?

Over the last few weeks, the resistance to the digital asset has been mounting, and the bears have made a solid stand just above the $1,400 level. This is evidenced by ETH’s inability to beat this point, even with some rise in momentum.

ETH sees three consecutive red weekly closes | Source: ETHUSD on TradingView.com

Interestingly, Ethereum’s chart looks eerily similar to the same trend that was recorded back in September of 2021. This had been in the middle of the bull market right before ETH had hit its all-time high above $4,900. The digital asset had recorded three consecutive red closes, followed by a green close. What followed would be two months of weekly green closes that saw the cryptocurrency surge by more than 48%.

If this trend holds and Ethereum is able to successfully break through the $1,400 resistance point this week, then ETH’s price could rally to $1,800 over the next two months before eventually losing steam.

Can Ethereum Hold Up?

The weakness of ETH following the Merge has done a number on not only the digital asset but on investor sentiment. The majority of investors still opt to hold their coins for the long term. However, the sell-offs continue to wax stronger at this time.

Related Reading: Exchanges Close Q3 With Massive Bitcoin Outflows, Why A Rally Is On The Horizon

Mainly, all eyes are on the Ethereum staking contract, where more and more of the supply are being sent each day. The contract currently sits at more than 14.1 million ETH are already staked, accounting for about 12% of the total supply. And since there is presently no way to withdraw these ETH, they are temporarily taken out of circulation, causing a significant drop in supply.

Nevertheless, the majority of ETH investors are still in profit despite the current low prices. This 53% of investors who have mostly held their coins for longer than a year remains in the green. However, profit-taking continues with exchange inflows reaching $4.49 billion for the last 7 days compared to outflows of $4.44 billion.

Featured image from El Cronista, chart from TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

TECH NEWS RELATED

Today in Crypto: PayPal to Expand its Crypto Service to Luxembourg, ByBit Integrates ApeX Pro DEX, Nomad Preparing Relaunch

Source: AdobeStock / Sundry Photography Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________ Payments news PayPal will expand its crypto service to Luxembourg “in coming days,” the payments company said in an announcement. “Once available, ...

View more: Today in Crypto: PayPal to Expand its Crypto Service to Luxembourg, ByBit Integrates ApeX Pro DEX, Nomad Preparing Relaunch

XRP Price Prediction –XRP Jumps 4%, Can it Keep Going Higher?

XRP, the native cryptocurrency that powers Ripple’s global blockchain-based payments system, has jumped around 4.0% from the monthly lows it printed on Wednesday under $0.3750. The cryptocurrency was last changing hands just below $0.39 per token on Thursday, up about 1.3% on the day and 1.2% in the last 24 ...

View more: XRP Price Prediction –XRP Jumps 4%, Can it Keep Going Higher?

Pplpleasr’s Shibuya NFT Video Platform Raises $6.9M to Build the ‘A24 of Web3’

Shibuya, which lets NFT owners interact with its original content, raised a seed round co-led by Andreessen Horowitz and Variant Fund.

View more: Pplpleasr’s Shibuya NFT Video Platform Raises $6.9M to Build the ‘A24 of Web3’

EU to 'Level Playing Field' for Crypto Firms With Uniform Tax Rules

A new directive aims to even up tax reporting in the EU for crypto operators, but some say the new requirements will burden many firms.

View more: EU to 'Level Playing Field' for Crypto Firms With Uniform Tax Rules

8 Best Aviator Casino Sites with Bitcoin Bonuses 2022

Disclaimer: The text below is an advertorial article that is not part of Cryptonews.com editorial content. Aviator is one of the most popular games on online casino platforms, providing an engaging and rewarding experience that beginners and advanced punters alike can enjoy. Due to the game’s popularity, many online casinos offer ...

View more: 8 Best Aviator Casino Sites with Bitcoin Bonuses 2022

Judge Orders Bankrupt Crypto Lender Celsius to Return $50 Million to Customers – Here’s What Happened

Source: AdobeStock / tashatuvango A US judge in the Celsius Networks bankruptcy case ordered the lender to return crypto worth $50 million to users of custody accounts (only), Bloomberg reported. Judge Martin Glenn delivered the order verbally in a hearing on Wednesday. Per the report, this cryptocurrency “never touched ...

View more: Judge Orders Bankrupt Crypto Lender Celsius to Return $50 Million to Customers – Here’s What Happened

Crypto Whale Piles $97,500 into Calvaria - This Metaverse Crypto Presale is Ending Soon

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com. A crypto whale has spent almost $100,000 on new play-to-earn project Calvaria with its presale now in its final stages and about to sell out. The RIA ...

View more: Crypto Whale Piles $97,500 into Calvaria - This Metaverse Crypto Presale is Ending Soon

Bitcoin Price Prediction as BTC Falls Below $17,000 – How Low Can it Go?

The BTC/USD pair is trading sideways, maintaining a narrow range of $16,750 to $16,900 on December 8, but Bitcoin price prediction remains bearish following the breakout of an upward channel.  Bitcoin has dropped 75% this year from its previous high of $69,000. However, the cause of these massive drops could be ...

View more: Bitcoin Price Prediction as BTC Falls Below $17,000 – How Low Can it Go?

6 Best NFT Gambling Sites with Bonuses 2022

How to Bet on Argentina vs The Netherlands in FIFA World Cup Quarter-Finals

IMPT Raises $1,000,000 in 24 Hours – Last Chance to Invest as Biggest ICO of the Year Ends this Week

How to Bet on Croatia vs Brazil in FIFA World Cup Quarter-Finals

Dash 2 Trade Automated Crypto Trading Platform Shoots Past $9 Million Raised in Final Presale Stage – Whales Buying?

Bankruptcy Judge Orders Celsius to Return $44M in Cryptocurrencies

FortuneJack Bonus Codes and Review

CEO of Binance Warns Users About New Hack Targeting Cryptocurrency Industry

Tether Adds Offshore Chinese Yuan to Its Stablecoin Offering – China Crypto Surge Coming?

Nexo Token Up 5% on Ethereum 'Smart Staking' Launch

Coinbase Revenue Will Be ‘Half or Less’ of Last Year’s: CEO Brian Armstrong

South Korean Gaming Giant WeMade Loses Legal Struggle Against WEMIX Delisting

OTHER TECH NEWS

Top Car News Car News