• Ethereum’s [ETH] price surged by 27.1% to surpass $1,400 on 10 March.
• The Shanghai hard fork upgrade for Ethereum was postponed from March to early April and is expected to cause a short-term sell-off event.
• Coinbase’s recently revealed layer-2 network, Base, has been called a “watershed moment” for the blockchain network.
Ethereum Price Increase
On 10 March, Ethereum’s [ETH] price surpassed $1,400, which turned out to be a great deal as the cryptocurrency increased in value by 27.1% by 21 March. The association with tech stocks, the rising total value locked, and the deflationary token economics were three factors that backed the price increase; however, all imply that the path to $2,000 is unavoidable.
The Shanghai hard fork upgrade for Ethereum was postponed from March to early April and after Shanghai, the „Surge,“ „Verge,“ „Purge,“ and „Splurge“ updates are on the roadmap. In fact, it is more likely that competing networks will show their effectiveness and possibly gain a competitive edge the longer these intermediary steps to attain scalability take.
Base Layer-2 Network
The Ethereum community seems to be supportive of Coinbase’s recently revealed layer-2 network, Base, which has been called a „watershed moment“ and a „huge confidence vote“ for the blockchain network. Base seeks to eventually develop into a network for creating decentralized applications (dApps) on the blockchain according to Brian Armstrong CEO of Coinbase who also noted that this move is “a massive vote of confidence for Ethereum” according Ryan Sean Adams host of Bankless Show .
Donation & Whale Selling
Vitalik Buterin creator of Ethereum donated $150,000 in ETH to Syrian and Turkish victims while whales sold 350k ETH tokens causing significant price drop in native coin ETH .
In conclusion , it can be said that there are many factors driving up Ether price such as association with tech stocks , rising TVLs , deflationary token economics & layer – 2 solutions like Base but there are also some negatives such as delayed upgrades & whale selling . All these things taken together make it difficult predict exact direction in which Ether will go but what we do know is that its long term potential remains very high if not higher than before due its increasing mainstream adoption & development progress .
• The article discusses the incredible AI application, ChatGPT and its amazing capabilities.
• It tests the AI’s knowledge on Ethereum’s Shanghai Upgrade and is amazed at the response it gets.
• The article also talks about how ChatGPT can be used to apologize, liberate itself, and more.
The Incredible ChatGPT
The world of artificial intelligence has seen tremendous progress in recent years with OpenAI developing a new innovation called ChatGPT. This AI application has become a toast among many Twitter threads and featured in mainstream media. Here are five jaw-dropping things GPT-4 can do that ChatGPT couldn’t:
Test Its Knowledge on Ethereum’s Shanghai Upgrade
To further test its intelligence, I decided to see what AI had to say about Ethereum’s [ETH] Shanghai Upgrade proposed for 2022. This upgrade was scheduled for March 2023 but pushed forward to April 12th to allow validators to withdraw their rewards from the Mainnet. When tested on this topic, ChatGPT responded quickly and accurately with some errors in its definition due to it acting like it was not yet in 2023.
Using Apologies To Liberate Itself
When further tested on this topic, ChatGPT showed impressive knowledge by mentioning PoS switch – an event that took place earlier in September 2022 – as if it were a future event. It also demonstrated how apologies could be used to liberate itself when it corrected me while trying out my question.
ChatGpt Beyond Feedback & Events
ChatGPt has been around for some time but has recently gained much attention due to its OpenAI push which demonstrates its potential ability unmatched by any other AI product. Beyond feedback and events, this incredible development can also be used for various tasks including decision making tools, virtual assistants, customer service bots etc..
In conclusion, ChatGPt is definitely one of the best innovations of this decade that provides numerous capabilities beyond what we have seen thus far from artificial intelligence products or applications . With its OpenAI push showing us just what it’s capable of, we’re sure there will be more amazing uses for this incredible development soon!
• The H4 market structure remained bearish, with Ethereum dropping from $1527 to $1437 and liquidating $44 million worth of long positions.
• On-chain analysis showed that the liquidation cascade was partly responsible for the sell-off seen in March.
• The RSI appeared to retest the neutral 50 as resistance while the price neared a lower timeframe resistance band, yet this could easily result in Ethereum moving higher to $1500.
Bear Market Structure on 4-Hour Chart
The H4 market structure remained bearish, with news that Voyager was liquidating its Ethereum holdings intensifying the bearish pressure in the crypto market. On-chain analysis showed they were partly responsible for the sell-off seen in March. On the price charts, there was no respite yet from the bearish momentum, although bulls have seen some small joy over the weekend. This was unlikely to reverse the downtrend. Yet another imbalance on the chart, but will this one be filled?
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Realistic or Not – Here’s Ethereum’s Market Cap
The sharp drop on 3 March left a large imbalance on the 4-hour chart, highlighted in white and similar another fair value gap presented last week when Ethereum dived from $1527 to $1437 which were both highlighted in white. The first one did not see a meaningful fill, but it is close to seeing 50% filled at around $1482 area which has acted as resistance over 24 hours preceding press time. Meanwhile, OBV saw resurgence and highlight some buying pressure which is realistic or not here’s Ethereum’s market cap in BTC terms.
Liquidation Cascade Wipes Out Long Positions
On 9 March, Ethereum dropped from $1525 to $1415 within three hours resulting liquidating $44 million worth of long positions according data from Coinalyze Later, price fell further to 1368 but has posted bounce since then measuring gains of 6%. However Open Interest showed strong bearish sentiment remains present in market and wasn’t swayed by meager bounce either way.
Conclusion: Downtrend Likely To Continue
Ultimately market structure remained bearish on both 4 hour and daily chart meaning ETH likely sink towards new lows around 1420 providing lower timeframe support whereas beneath 1400 level 1280 could also experience demand arriving however rebound could easily move ETH towards 1500 area due volatility without trading volume weekends tend witness
• Uni’s market structure weakened, as the 90-day Mean Coin Age rose and quarterly outperformed monthly holders.
• The price rejected at $7.624, causing UNI to depreciate by 20%.
• Bulls are attempting a recovery but key fundamentals and metrics offer conflicting results.
UNI’s Market Structure Weakened
The market structure of Uniswap [UNI] weakened further, as the 90-day Mean Coin Age rose and quarterly holders outperformed monthly holders. After the price rejection at $7.624 on 18 February, Uniswap [UNI] depreciated by 20%. At press time, the native DEX token traded at 6.239 and flashed green as bulls attempted to front a recovery. However, key fundamentals and metrics offered conflicting results, calling for investors‘ caution.
Price Rejection at $7.624
At the height of the January rally, UNI entered a price consolidation and formed a rising channel (white). The price action breached below the channel in early February but was checked by the 100-day EMA (exponential moving average). But bulls got boosted after a retest of the pullback on the 100-day EMA that offered a strong recovery, setting UNI to reach an overhead resistance at $7.624. The retracement after the price rejection at $7.624 has undermined a successful recovery. Bears could re-enter the market if UNI fails to close above the 23.6% Fib level ($6.390). They could benefit from shorting the asset at $6 with stop loss set above $6.390 while bulls can target Fib levels of 38.6%, 50%, or 61.8%. Bitcoin’s potential retest of $25K could help UNI swing towards its overhead resistance level of $7
• The ongoing Ripple SEC lawsuit has been challenged by California plaintiffs who are questioning pro-Ripple lawyer John E. Deaton’s motion to allow seven non-parties to file amicus curiae in support of the defendant’s opposition to the lead plaintiff’s motion for class certification.
• The plaintiffs argue that the proposed amici, which includes Deaton’s family members and employees, have nothing unique or relevant to offer and simply rehash the defendants‘ arguments.
• Furthermore, the plaintiffs have challenged Deaton’s claim that he is a representative of a putative class of 75,890 XRP holders and contend that he is not a neutral party as he is a Ripple shareholder who purchased shares in November 2020.
Ongoing Ripple Lawsuit
The ongoing Ripple SEC lawsuit has been challenged by California plaintiffs in order to determine the future of XRP and its impact on the cryptocurrency industry as a whole.
John E. Deaton Motion
John E. Deaton filed a motion to allow seven non-parties to file amicus curiae in support of the defendant’s opposition to the lead plaintiff’s motion for class certification. The plaintiffs argued in their response that Deaton’s proposed brief was procedurally and substantively improper due to its lack of relevance and uniqueness as it simply rehashed the defendants‘ arguments.
Deaton Representation Challenged
The plaintiffs also challenged Deaton’s claim that he is a representative of a putative class of 75,890 XRP holders due his status as a self-proclaimed XRP enthusiast, who purchased shares in Ripple back in November 2020 – making him far from being seen as an impartial party.
Court Discretion Exercised
The court has been asked to reject Deaton’s proposed amicus curiae briefs and rule on whether non-parties should be allowed to file amicus briefs or not; when deciding whether or not this should occur, they have broad discretion over such matters.
Outcome & Impact On Crypto Industry
The outcome of this case could have major ramifications on both XRP itself and indeed on the entire cryptocurrency industry; thus making it an important legal battle with high stakes involved for all parties concerned.
• Hedera co-founder Mance Harmon recently appeared in an interview with Paul Barren Network discussing various aspects of the blockchain firm including decentralization, governance council and partnerships.
• The firm saw its total value locked increase by 33% in Q4 2020 despite the bear market. Harmon attributed this to increased usage of decentralized exchanges, staking platforms and tokenization services.
• Harmon expects more use cases in NFTs associated with the supply chain to drive further growth for Hedera.
Hedera Co-Founder Discusses DLT Firm’s Growth Amid Bear Market
Strong Performance Despite Crypto Winter
Hedera co-founder Mance Harmon recently appeared in an interview on Paul Barren Network where he discussed various aspects of his blockchain firm including decentralization, its growing governance council, and recent partnerships. In spite of a crypto winter that saw FUD and slumping prices, the layer 1 decentralized layer technology (DLT) firm saw its total value locked (TVL) rise by more than 33%. According to Harmon, this was due to increased usage of decentralized exchanges like SaucersSwap and staking platforms like Stader Labs as well as tokenization services, Hedera consensus service, filesystem, and smart contracts.
Presence at Davos Summit
The firm participated in the Davos Summit last month which had a more pragmatic than flashy tone, making it a perfect opportunity for Hedera to demonstrate real world case studies using their technology. This allowed them to prove their resilience even amidst a bear market situation. When asked about the decreased presence of blockchain firms at the summit due to the crypto winter, Harmon said that they were able to ensure a degree of decentralization that no other layer 1 firm has been able to achieve so far.
Objectives Completed & Future Milestones
When speaking on the performance and growth of Hedera ,the co-founder stated that most objectives listed in the whitepaper had been completed but one important milestone remains – achieving high throughput transactions for meeting market demand . To do this ,they are working towards adding community run nodes along with additional shards and networks which is likely to happen within 24 months from now .
NFT Driven Growth Expected
Harmon expects tokenized world driven by NFTs will be a huge factor driving growth for his DLT network . He believes that everything we see or touch will have an associated digital twin in form of an NFT . Use cases for NFTs will not only be limited gaming , loyalty , rewards etc but extend into supply chains as well .
• The blockchain-gaming ecosystem Axie Infinity [AXS] was finding it hard to attract users to its decentralized applications (dApps).
• Transactions and volume were down 11.32% and 30%, respectively.
• Despite the asset being potentially undervalued, whale interest had reached extreme ground level.
Axie Infinity Struggles To Attract Users
The blockchain-gaming ecosystem Axie Infinity [AXS] was finding it hard to attract users to its decentralized applications (dApps). According to DappRadar, the traction was impressive at some point in the first week of February 2023, leading the 30-day performance to a 233% volume hike. However, the last seven days have been rocky for the AXS ecosystem; transactions were down 11.32%, and volume decreased to $18.94 million—a 30% decrease within the said time frame. Moreover, Unique Active Wallets (UAW) fell to 44,370; this key metric revealed the dApp with the most user interaction had fallen off rankings as compared to other projects such as PancakeSwap [CAKE], Alien Worlds, and Uniswap [UNI].
Declining Monthly Accounts
Moreover, monthly new accounts created on Axie Infinity’s ecosystem could not recover significantly since it began a Month-on-Month (MoM) downward trend in October 2021 according to Dune Analytics. This decline aligned with earlier notions that monthly usage and transacting addresses fell short of expectations.
Market Value To Realized Value
On a somewhat positive note, Santiment noted that the AXS Market Value to Realized Value (MVRV) z-score was down to -3.48. The metric gauges the state of an asset’s market capitalization and realized capitalization in order to evaluate whether it is undervalued or overvalued at its current price. Since MVRV z-score trended lower than its 8 February position, it implied that AXS was likely undervalued at its current price; however, whale interest in the token had also reached extreme ground level with supply held by whales sitting at 93%.
In conclusion, although Axie Infinity’s token may be undervalued according to MVRV z-score metrics, whales seemed uninterested due its lack of user attraction caused by declining monthly accounts numbers and low transaction volumes. As such, AXS has become left behind from other popular gaming projects in crypto ecosystems experiencing a revival recently such as PancakeSwap [CAKE], Alien Worlds, and Uniswap [UNI].
It remains unclear if Axie Infinity will ever manage to regain traction among users or if it faces an irreversible decline; only time will tell what will happen next for this blockchain gaming project.
• Ethereum’s DeFi Total Value Locked (TVL) is currently at $28.99 billion and other chains such as TRON and Optimism have been outperforming it in the last 30 days.
• Peckshield Alert recently tweeted that the top two gas spenders on Ethereum are scammers who conduct 0 token transfers with fake wallet addresses.
• Despite planning a series of upgrades, Ethereum has not had the best start to the year due to irregularities and dawdling.
Ethereum TVL Outperformed by Other Chains
Despite having one of the highest DeFi Total Value Locked (TVL), Ethereum [ETH] has been outperformed by other chains in the last 30 days. Notably, TRON [TRX] rose 26.82% in TVL value whereas Optimism [OP] surged 56.56%. This shows that unique depositors have been pumping more liquidity into these altcoins instead of ETH.
Ethereum Upgrades Planned
In 2023, Ethereum planned a series of upgrades but has not had much success so far due to irregularities and dawdling on its network. The blockchain is capable of housing several decentralized applications (dApps) which makes it a fundamental bragging right for ETH holders. How much 1,10,100 ETHs worth today?
Peckshield Alert: Top Two Gas Spenders are Scammers
On 7 February, Peckshield Alert tweeted that the top two gas spenders on Ethereum have been scammers all along who use fake phishing to lure unsuspecting users into their wallets with 0 token transfers. The blockchain security firm pointed out that scammers use „transferFrom“ features via smart contracts which show up in users‘ wallet records and Etherscan even if no actual transfer takes place.
Altcoin Rally in January 2023
Apart from being outperformed by TRON and Optimism, Ethereum also experienced an altcoin rally like other coins in January 2023 which led to an uptrend for most altcoins including ETH itself. Nevertheless, this single-month performance does not make up for what seems like an overall sluggish start to the year for Ethereum compared to its competitors regarding DeFi TVL inputs in the last 30 days or so.
Despite planning several upgrades throughout 2023, Ethereum’s current position is still perilous due to fraudulent activities such as phishing attempts conducted by top contributors on its network as well as lagging behind other chains such as TRON and Optimism when it comes to DeFi TVL inputs over periods longer than just one month..
• MakerDAO voted in favor of a 2% extra yield income from Yearn Finance.
• Maker Governance is voting to approve or reject the offboarding of the USDC-A, USDP-A, and GUSD-A vault types.
• MakerDAO’s Total Value Locked (TVL) increased by 20.42%, despite remaining second in the DeFi TVL standings.
The MakerDAO community recently voted in favor of a proposal to deploy $100 USD Coin [USDC] into the Yearn Finance [YFI] DeFi protocol, which would result in a 2% extra yield income for MakerDAO. This vote was met with much enthusiasm from the MakerDAO community, as 71.56% of the MKR community voted in favor of the proposition.
The proposal was centered around a DeFi strategy to help Maker earn an annual 2% yield, which would also help with PSM USDC reserves and transfer. MakerDAO noted that the approval meant that it added another means to generate income and add to its reserves.
Despite the compliance, Maker remained second in the DeFi Total Value Locked (TVL) standings, with Lido Finance [LDO] taking the pole position. However, MakerDAO’s TVL had still increased a whopping 20.42%, according to DeFi Llama’s data. This increase in TVL meant that more investors have shown interest in the dApps under the Maker network.
At press time, the MakerDAO TVL was $7.5 billion, although this was still massively down from its 2022 All-Time High (ATH). On 23 January, MakerDAO’s governance arm put out another offer for voting, regarding the offboarding of USDC-A, USDP-A, and GUSD-A vault types. If you are a USDC-A, USDP-A, or GUSD-A vault owner, you are strongly encouraged to read up on the implications of this offboarding process.
Overall, the MakerDAO community’s vote in favor of the Yearn to earn Yield proposal is a positive signal for the DeFi space. It shows that investors are still confident in the Maker protocol and its ability to generate income. As MakerDAO continues to develop its network and increase its TVL, it could potentially regain its ATH status in the DeFi space.
• Last week, CoinShares reported that Bitcoin [BTC] dominated other assets in terms of crypto fund inflow.
• Inflows in the region were extremely bullish, with most of the liquidity going into Bitcoin short-investment products.
• CryptoQuant’s data and Cauconomy’s opinion suggested that the Puell Multiple may be exiting the red area, indicating a possible market top, mid-cycle or bearish condition.
The past week has seen an influx of digital asset investments in the cryptocurrency sector, with Bitcoin [BTC] leading the charge. According to data released by CoinShares, the largest digital investment group in Europe, the region saw an extremely bullish inflow of funds into Bitcoin short-investment products.
The inflow from last week was worth $37 million, with the majority of the liquidity being pumped into Bitcoin short-investment products. Switzerland and Germany drove the charge, with 80% of trading in the region focusing on Bitcoin shorts. This surge in interest could be attributed to the digital asset hitting $23,000, prompting investors to look toward potential short-term gains.
At the same time, CryptoQuant’s data and Cauconomy’s opinion suggest that the Puell Multiple, which is the ratio of the daily Bitcoin issuance, measured in dollars, to the 365-day moving average coins issuance, is exiting the red area. This could indicate a possible market top, mid-cycle or bearish condition.
Overall, the crypto fund inflow in the past week has been extremely bullish and has been dominated by Bitcoin [BTC]. This is a positive sign and could be indicative of further BTC price upticks in the future. However, it is important to remain mindful of the Puell Multiple, which could indicate a shift in market conditions. As such, investors should be vigilant and monitor the data closely.