Ether Financial News

Ether (ETH) future short positions have been wiped out on mass in the last two days, as the world’s second-largest cryptocurrency by market capitalization defied the bears and rallied in wake of Wednesday’s highly anticipated series of upgrades to the Ethereum blockchain.

The price moved up sharply shortly after 0030 GMT. (File)

Ether (ETH), the cryptocurrency that powers the smart-contract-enabled Ethereum blockchain, just surged above $2,100 for the first time since May 2022 amid positive post-Shapella update changes in the ETH supply.

After hitting its highest level in a little under eight months on Wednesday in the mid-$1,900s, Ether (ETH) is experiencing a modest pullback and was last changing hands in the mid-$1,800s.

The ratio between the open interest of Ether (ETH) put and call options jumped to its highest level since last May at 0.47 on Tuesday, according to data presented by crypto data analytics and news firm The Block.

One week after digital asset investment products saw their largest weekly inflow since July 2022 of $160 million, the pace of inflows has all but come to a halt, according to the latest Digital Asset Fund Flows report released on a weekly basis by CoinShares.

Ether (ETH), the cryptocurrency that powers smart-contract-enabled Ethereum blockchain, hit its highest levels since last August on Tuesday close to $1,900, despite the network’s upcoming Shanghai upgrade that some have warned might trigger a price drop amid a “sell-the-news” event.

The token powering the largest smart contracts platform, Ethereum is consolidating on Friday while holding support at $1,800 ahead of the release of key economic data. Ethereum price slowed down its aggressive push witnessed in March in tandem with the largest crypto asset, Bitcoin on reaching resistance at $1,850.

Ethereum (ETH), the cryptocurrency that powers the smart-contract-enabled Ethereum blockchain and the second most valuable cryptocurrency in the world by market capitalization, is in consolidation mode ahead of what has been touted as one of the most important Fed policy announcements in years.

The exchange rate between Bitcoin (BTC), the world’s first and largest cryptocurrency by market capitalization, and Ether (ETH), the world’s second-largest cryptocurrency by market capitalization that powers the Ethereum blockchain, has fallen rapidly in recent weeks.

Bitcoin, the world's biggest and best-known cryptocurrency, is up 65.9% from the year's low of $16,496 on Jan. 1.Ether, the coin linked to the ethereum blockchain network, rose 5.5% to $1,768.5 on Friday, adding $91.6 to its previous close.

The rate at which the Ether (ETH) supply is deflating, which has been accelerating in recent weeks, recently saw a spike higher. Ether is the cryptocurrency that powers the smart-contract-enabled Ethereum blockchain. ETH is the world’s second most valuable cryptocurrency by market capitalization and Ethereum is the dominant blockchain in Decentralized Finance.

The prospect of financial support from the US government for depositors, of new liquidity injections and of easier policy ahead from the US Federal Reserve in response to recent US bank implosions has sent crypto prices lurching higher in tandem with sharp declines in US yields and the US dollar.

Bitcoin is having its worst week since November as an equity selloff, fear over higher interest rates and an escalating US regulatory crackdown on crypto combine to hurt investor sentiment. The largest token fell as much 2.1% on Friday, breaking below $20,000 for the first time since January, after falling more than 8% on Thursday. Ether added to losses and smaller coins like Solana and Cardano struggled for traction. A rout in US bank stocks on Thursday stoked concerns that rising borrowing costs are creating a treacherous economic and investing outlook. In New York, the state regulator sued KuCoin, a popular crypto exchange, and in the process claimed in court that second-largest token Ether is a security. The US Securities & Exchange Commission also contends that many cryptocoins are securities, a designation that would potentially make them harder to trade. “The selloff in cryptocurrencies appears to be largely equity-market led,” said John Toro, head of trading at digital-asset exchange Independent Reserve. He added that the wind-down of crypto-friendly bank Silvergate Capital Corp. and President Joe Biden’s proposal for a series of tax increases on investors and top-earning Americans contributed to the downdraft.

After a brief dip below the $1,400 level for the first time in nearly two months earlier in the session, Ether (ETH) has managed to regain a modicum of composure in wake of the release of a mixed US jobs report for February.

Ether (ETH) bulls are facing a do-or-die moment, as the world’s second-largest cryptocurrency by market capitalization that powers the dominant smart-contract-enabled Ethereum blockchain retests key support in the form of its 200-Day Moving Average in the $1,420s.

The rate at which the Ether supply is deflating recently reached its highest level of the year. On Wednesday, the Annualized EIP-1559 Burn Rate surpassed the ETH Issuance Rate by 1.425%, the most since a quirk last May where the deflation rate rose above 17% for just one day.

Amid struggles to maintain access to the global banking system, the companies behind Singapore-based USDT stablecoin issuer Tether used a mixture of fraudulent documents, obscured identities and shell companies, according to a new bombshell report by the Wall Street Journal.

Major cryptocurrency prices have tumbled on Friday, amid jitters about the health of crypto bank Silvergate, which has seen a rapid exodus of major customers in the last few days. Bitcoin (BTC) was last trading in the mid-$22,000s, down around 4.5% on the day. Ether (ETH), the token that powers the Ethereum blockchain, was last down around 4.7% on the day and trading in the upper-$1,500s. Total cryptocurrency market capitalization was last around $986 billion, down a little over 4.4% or around $43 billion on the day.

Smart-contract activity on the Ethereum blockchain remains relatively healthy, despite 2022’s ferocious bear market that has seen Ether (ETH), last in the low $1,600s, pull over 65% lower versus its November 2021 record highs in the $4,800s. According to a graphic presented by crypto data analytics firm Glassnode, so-called internal contract calls have remained close to their record highs in recent quarters at close to 4.0 million.

Ether (ETH), the cryptocurrency that powers the smart-contract-enabled Ethereum blockchain, has enjoyed an excellent start to 2023, rallying in tandem with the broader cryptocurrency market. At current levels close to $1,650, Ether is close to 40% higher on the year.