Wed, April 17, 2024

Ethereum and Bitcoin: What’s Happening?

Ethereum

Ethereum and Bitcoin: What’s Happening?

As it started the new year at $1,195, Ethereum (ETH) kept steady at the $1,200 price level for the week on again, but it has since progressively risen. The most recent economic data, including the jobs report from today indicating an additional 223K jobs gained in December, has been eagerly anticipated by investors. The Federal Reserve may attempt to further slow the US economy by raising interest rates when it meets next, although wage growth fell short of expectations. The unemployment rate is currently 3.5%. Positive news came out of Europe as inflation dropped from 10.1% in November to 9.2% in December.

So where is Ethereum’s price going this month? On the plus side, given that ETH’s 200-day moving average is near $1,390. We anticipate it will test its recent high of about $1,340. The economic news should get better over the year. Which might help all the markets rise, but there is still the first quarter to get through, which could be challenging.

Around March 2023, Ethereum is predicted to receive the “Shanghai” upgrade, which could signal a turning point for the second-largest cryptocurrency. Expect a significant amount more ETH to be staked, taking those coins out of circulation and pushing the price of the digital asset upward. The upgrade will make it easier to stake and unstake Ethereum.

This year, regulation is a major unanswered question. Federal bank regulators issued a warning to banks this week about investing in cryptocurrencies following the collapses of FTX and other companies in 2022. Regulations may probably be coming in 2023.

Crypto Highlight

The highlighted Crypto Greed and Fear Index is down two points from where it was last week, currently sitting at 26 in the “Fear” zone.

Ethereum broke through the $1,300 obstacle as other cryptocurrencies rally in a “good” start to the week, as Bitcoin crossed $17,000 to hit its highest price level in almost a month. But after swimming in red for the previous weeks, it’s difficult not to experience a brief sense of relief. I have a ways to go before declaring bankruptcy as well. Although Twitter isn’t exactly peaceful right now, those crazy predictions aren’t as popular as they once were. Most likely because nobody knows when we will last see bitcoin at any price. Despite rising well above $17,000, a decline back below this level is still extremely probable.

Diamond hands haven’t let go yet. Hodling is not really good advise, going on what happened after the peak of last year. However, it isn’t exactly awful counsel either at this time. The majority of the past few weeks have seen Bitcoin remain above $16,500. While Ethereum and other cryptocurrencies have also remained largely constant. The brief boost comes after a global sigh of relief as several stocks are also moving upward.

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