With over 52,606,127 holders, the price of Ethereum (ETH) is up more than 28% over the past 14 days, trading around $1,568.46 on Tuesday.The second-largest digital asset by market cap could enter the early stages of consolidation for weeks before the next bull market kicks off.In addition, Ethereum price has fully recovered from the implosion of FTX and Alameda Did
After briefly exiting the 2022 bear market in mid-October, Ethereum’s price has rebounded and converted the resistance trend line to support levels. This theory is also repeated by his 200W MA and last week’s close candlesticks that show the bulls are in control.
It has been trading at a perfect wedge since hitting lows last June, and the close of the weekly chart in the coming months will have a significant impact on the next trend in the Ethereum market.
Ethereum’s bullish scenario is also supported by the RSI indicator showing rising divergence in a long-term consolidation period. Any further rally above current levels could invalidate the 2022 bear market entirely.
The undisputed king of blockchain smart contracts continues to attract institutional investors and developers looking to build scalable and secure Web3 projects. This is evident by the high number of transactions, over 1,843,304,923, according to on-chain data provided by tokenview. Additionally, over 15,990,446 of his ETH have been staked by approximately 499,701 network validators.
Additionally, the Ethereum ecosystem boasts a locked-in DeFi platform valued at over $46.99 billion. However, this number will no doubt drop significantly after the Shanghai upgrade, which will allow withdrawal of staked Ether on the beacon chain.