Ethereum's largest whales back in ‘hodl' mode after Merge

After a significant slump in accumulation ahead of the long-awaited Merge upgrade to the Ethereum (ETH) network that marked its transition from the Proof-of-Work (PoW) to the Proof-of-Stake (PoS) algorithm, the token's largest whales seem to be back in the ‘hodling' mode.

Timeline of Ethereum

It might be a bear season, but new NFT projects can still gain major traction and make substantial noise. That's been best evidenced by Monday's release of ‘Art Gobblers,' an NFT collection that was created by crypto investment firm Paradigm alongside ‘Rick and Morty' co-creator Justin Roiland.

Bloomberg's lead commodity strategist Mike McGlone is predicting rallies for Ethereum (ETH) as he says the leading smart contract platform is poised to change the landscape of financial technology.

OpenSea's Ethereum (ETH) NFTs trading volume has declined for the fourth consecutive month, dropping 13% to $303M, the lowest since June 2021, according to Dune Analytics data. The post OpenSea Ethereum trading volume declines 13% appeared first on CryptoSlate.

Ethereum[ETH] kicked off this week with a slowdown of the bullish momentum that it delivered last week. Investors are now leaning towards the side of caution especially as the market enters another uncertainty period.

What happened: On Sunday a total of 849.51 Ether (CRYPTO: ETH) worth $1,327,474, based on the current value of Ethereum at time of publication ($1,562.64), was burned from Ethereum transactions. Burning is when a coin or token is sent to an unusable wallet to remove it from circulation.

Ethereum (CRYPTO: ETH) broke up from a long-term descending trendline on Oct. 25 and continued to trend higher over the days that followed to close the week up a whopping 20%. The break up from the trend line and subsequent surge higher is significant because it occurred on the weekly chart.

Ethereum has been dominating the crypto market since the rally began. The digital asset had outperformed even bitcoin during this time, which saw a higher drive in its price compared to its larger counterparts.

When Ethereum was first launched in July 2015, all its transactions, smart contracts, and accounts were held through the Proof-of-work system. PoW adds new data and transactions to the blockchain but needs a miner to solve the complex cryptographic functions.

While the majority of the day was bearish for the crypto space, it is now flashing green and the market cap has risen by 0.62% and Bitcoin is up by 0.29% as well. As expected, Ethereum and other altcoins like BNB, Solana, and Chainlink are enjoying the bullish momentum too.

In other news that may affect markets, the U.S. Federal Reserve is set to announce its next interest hike on Wednesday. The post Ether ticks above $1,600 as crypto-related earnings take center stage appeared first on The Block.