Spain
Portugal
The fundamentals of Ethereum are strong, but analysts expect a further decline in the ETH rate.
The Ethereum blockchain has been in the best shape since its launch. 100 days have passed since the transition from Proof-of-Work to Proof-of-Stake. Today, the circuit is protected by almost half a million validators, and energy consumption has decreased by 99%. There are almost 16 million ETH worth $ 19 billion in staking, which is 13% of the total volume of coins.
Observer @superphiz comments on the transition and its consequences:
100 days ago, the Ethereum network made a positive contribution to global recovery by disabling energy-intensive mining. We didn't have to do that, we could have stuck our head in the sand and created narratives to justify ourselves, but instead we just did the right thing.
The Ethereum network turned out to be more stable in comparison with Bitcoin. While Ethereum continues to work without disconnecting validators, the hash rate for Bitcoin has decreased by a third due to the harsh winter in the United States.
Comments @Ethprofit.eth:
ETH works almost 100%, no validator is disabled. This is what a stable network looks like: BTC loses 30% of its security overnight because it is too "frozen".
But Proof-of-Stake is not the only solid foundation of Ethereum. Ethereum remains the best ecosystem of non-interchangeable tokens, or NFT. According to Nansen, almost $24 billion worth of NFT was minted and sold in 2022.
If you look at the ETH cryptocurrency itself, then its emission has dropped to an absolute minimum - 0.012%. Nevertheless, all these positive factors did not play a role in the growth of the ETH rate. The value of 1 coin is still near $1,200. Analysts predict a further fall in the exchange rate.
Traders from @Bleeding_Crypto states:
Support is lost, the MACD on H4 is flipping, and the PA is below all the EMAS. On the positive side, in the telegram channel we already foresaw this and were in short positions, so now we can relax and let it play out.
And trader @profit8lue drew attention to bearish triangles. This gives reason to assume that ETH prices will drop to $ 1,080.
