It has been 100 days since the ETH Merge! By turning off energy-intensive mining 100 days ago, the Ethereum network became a beneficial contributor to global health.
The merge combines the current execution layer with the recently deployed consensus layer (beacon chain), creating a mainnet platform secured by proof-of-stake while preserving the current state of Ethereum.
Several advantages of ETH include, First of all, Ethereum enables more users to join the network. Secondly, Sharding is also made possible by the Merge. Third, Ethereum now has a better environmental impact.
Is ETH More Flexible Than BTC?
In a recent tweet by @Ethprofit it featured a chart from the ETH network that shows ETH’s resilience against BTC. ETH is running at almost 100% capacity with no validators. Additionally, it demonstrated how BTC lost 30% of its security overnight due to “cooling” too much.
ETH is heading to become the world’s top NFT ecosystem. In 2022, a total of $23.7 billion worth of NFTs were minted and traded on Ethereum and the weekly volume reached $1.6 billion.
However, it is not all good news for ETH this holiday season. The issuance of Ethereum is currently close to zero. Supply is growing only 0.012% annually and has decreased slightly since peaking at 121.3K ETH. The fundamentals look positive for ETH but this has not been reflected in the price action of the currency despite good developments in the industry.
Ethereum is presently trading at $1,220 per unit. Since the asset has stayed range-bound at $1,200, there hasn’t been much of a change in price over the weekend. Analysts believe that the price of ETH will continue to fall. The support at the current levels may also be shattered soon, according to technical indicators.
What does 2023 look like?
Ethereum is currently trading at $1,220. Even though the market is favorable to the boom in coin prices. In reality there has been almost no change in prices. Many analysts believe that the price will continue to decline.
