Daily Crypto Analysis – Over $488 million worth of ETH tokens burned
15 Sep 2023
Amidst the crypto realm, Ethereum’s first anniversary of the ETH Merge marks a remarkable milestone, showcasing a 99.9% drop in energy consumption as it transitioned from proof-of-work to proof-of-stake. Despite this eco-friendly shift, Ethereum price has remained relatively stable, with significant changes in the broader crypto market landscape. Meanwhile, in the wider crypto arena, Bitcoin’s price remains resilient amidst macroeconomic influences, while Ripple faces challenges with a significant break below its 200-day moving average.
With a 99.9% decrease in energy use, Ethereum celebrates the first anniversary of the ETH Merge.
Following the Merge, the Ethereum network switched from proof-of-work to proof-of-stake, resulting in a 99.9% reduction in energy consumption.
EIP-7514 was incorporated by the Ethereum development team into the Dencun upgrade to improve the Staker validator reward system.
Since the Merge, ETH tokens worth more than $488 million at today’s prices have been burned, decreasing the total supply by 0.25%.
Since the Merge, the price of Ethereum has essentially not altered. On September 15, 2022, the price of ETH was $1,635. At the time of writing, ETH is trading on Binance for $1,624 per unit.
Holders of ETH staked their expectations on a sharp price rise a year after the Merge. However, the influx of cash to the network has been influenced by macroeconomic factors and crypto crisis events like lawsuits and bankruptcies.
- MA 5: 1620.09 | Positive Crossover | Bullish
- MA 20: 1611.55| Positive Crossover | Bullish
- MA 50: 1628.56 | Negative Crossover | Bearish
- MA 5: 1621.83 | Positive Crossover | Bullish
- MA 20: 1606.52| Positive Crossover | Bullish
- MA 50: 1628.38 | Negative Crossover | Bearish
RSI (Relative Strength Index): 54.67| Buy Zone |Positive
Stochastic Oscillator: 99.19 | Buy Zone | Neutral
Resistance And Support Levels:
- R1: 1652.86 | R2: 1739.31
- S1: 1594.63 | S2: 1513.47
Overall Sentiment: Bullish | Market Direction: Buy
Trade Suggestion: Stop Buy: 1677.56 | Take Profit: 1739.31 | Stop Loss: 1640.51.
Elsewhere In the Crypto Market
The US CPI announcement made on September 13 has had little impact on the price of Bitcoin, which is still fluctuating in a range. On the contrary, the weekly chart suggests a probable short-term recovery rally that would pave the way for a sharp fall.
A recent break below Ripple’s critical 200-day MA at about $0.51 indicated a negative outlook.
Bitcoin is up (0.19%) at 26,584.00, Ethereum is up (0.01%) at 1,627.29, Litecoin is up (0.75%) at 63.29, Solana is up (0.26%) at 19.12, Dogecoin is up at (0.94%) at 0.61 as of writing time.
Key Economic Events & Data Release Today:
(EUR) ECB President Lagarde Speaks at 15:15.