Ethereum NFT market's resurgence might be short-lived, here's why

Over the last few days, the Ethereum NFT market has taken a massive hit, as Bitcoin inscriptions took over. Ethereum-based NFTs such as BAYC and MAYC were severely affected as attention towards inscriptions increased.

Timeline of Ethereum

Ethereum price's meteoric rise was abruptly interrupted Saturday as a sizable amount of the digital asset was transferred to Binance exchange.  The transfer, which occurred at 1:30 AM Eastern Time, sent shockwaves through the market and raised concerns of a potential sell-off, causing ETH to lose a significant portion of its market value.

An Ethereum (ETH)-based privacy-centric altcoin project is getting a boost from crypto whales making massive under-the-radar transactions, on-chain data shows. According to blockchain tracking firm Lookonchain, crypto whales have been driving up the price of MASK token, helping it achieve its parabolic rallies over the past week.

Chris Burniske, Partner at venture capital firm Placeholder, predicts bullish flows and increased staking percentages for Ethereum ($ETH) following the upcoming “Shapella” network upgrade.

Grayscale Investments, the crypto investment firm, announced on 16 March that it will extend the review period for evaluating the market environment to determine whether it can acquire Ethereum PoW (ETHW) tokens.

ETH bulls have finally summed up enough momentum to push out of its 6-month low range. Meanwhile, the Ethereum network just confirmed the official launch date for the Shanghai uptate which will happen in three weeks.

Ethereum price analysis reveals the price has been trading high for most of the days this week as the bulls have been putting efforts to remain at the lead. An uptrend has been observed today as well, as the price has increased to the $1,794 level as the bulls have maintained their strength.

The most significant decentralized finance (DeFi) hack of 2023 so far was the most recent incident that stole $197 million from Euler Finance. This may not last for very long, though, as the hacker allegedly had a change of heart.

Ethereum co-founder Vitalik Buterin advised crypto investors to use social recovery and self-custody wallets. Buterin's suggestion comes amid heightened expectations for the new Arbitrum token airdrop scheduled on March 23 and the upcoming Shanghai upgrade.

The year 20200 has observed many unfortunate events that have laid bad impact on the financial sector, especially the crypto industry. Along with Bitcoin, even Ethereum price has been fighting all the odds to get back its long lost massive bull run.

In this new roundup we will look at a strategy called ‘bias' that analyzes the recurring behaviors of a specific market. The strategy identifies time slots, or days of the week for example, when it is more convenient to buy or sell a specific underlying asset.