Assessing if Ethereum can break away from bearish shackles anytime soon

Ethereum's recent decline below its long-term trendline resistance exhibited an increased selling edge. The altcoin noted a gradual improvement in its funding rates over the past day.

Timeline of Ethereum

What happened: On Wednesday a total of 1,709.31 Ether (CRYPTO: ETH) worth $2,065,551, based on the current value of Ethereum at time of publication ($1,208.41), was burned from Ethereum transactions. Burning is when a coin or token is sent to an unusable wallet to remove it from circulation.

Ethereum (ETH) staking on-chain data shows that an estimated 78% of all staked ETH is across four centralized providers. The post Research: 78% of all staked ETH is across 4 centralized providers; 74% of all blocks are OFAC compliant appeared first on CryptoSlate.

Ethereum price analysis is bullish today as we have seen consolidation begins yesterday as soon as the $1,200 support was reached. From there, we expect another attempt to move higher later in the day, likely towards the $1,275.

Former Goldman Sachs executive Raoul Pal says one of Ethereum's (ETH) top rivals offers a big opportunity to investors after a price fall. In a new strategy session video, the macro guru tells his 52,800 Youtube subscribers that Solana (SOL) has a lot working in its favor to ignite an eventual bull run.

Following the Ethereum Merge, staking ETH became a key component of the blockchain. However, the timeframe in which stakers would be able to withdraw has been completely obfuscated.

Wednesday sparks bright information to the DeFi ecosystem as Starkware announced that StarkNet's ERC20 token contract is deployed on the Ethereum mainnet. The foundation will need some time to decide how to distribute its tokens.

The Ethereum price is currently in the red, along with the wider crypto markets, as the market continues to deal with the knock-on effects of the FTX collapse. However, recent price action suggests that bulls are looking for a 30% move to the upside.

What happened: On Tuesday a total of 1,933.58 Ether (CRYPTO: ETH) worth $2,351,924, based on the current value of Ethereum at time of publication ($1,216.36), was burned from Ethereum transactions. Burning is when a coin or token is sent to an unusable wallet to remove it from circulation.

Ethereum whales begin coin distribution as alt's price continues to fall. Most ETH holders have held at a loss since the FTX collapse, and investors have since lost conviction of any positive price growth in the interim.

Following FTX's demise, Ethereum and the whole cryptocurrency industry in general experienced one of its most challenging periods. Because of this, the value of ETH, a significant alternative currency, has plummeted by over 36% in the last week.