• News
    • Bitcoin
    • Altcoins
  • NFT
  • Metaverse
  • Analysis
  • Regulation
  • Learn
  • Market Cap
What's Hot

FTX Founder Sam Bankman-Fried Pleads Not Guilty to New Charges, Including Bribery of Chinese Officials: Report

2023-03-31

XRP Perpetual Futures Open Interest skyrockets to $610 million

2023-03-31

CNBC’s Jim Cramer calls Binance “way too sketchy”

2023-03-31
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook TikTok Instagram YouTube
CryptoNewsMetaverse
  • News
    • Bitcoin
    • Altcoins
  • NFT

    U.S. IRS Considers Taxing NFTs Like Other Collectibles

    2023-03-21

    Meta Shuts Down NFT Project to Focus on FinTech and Content

    2023-03-14

    Solana’s Solend V2 Release, Is SOL Price $50 Next?

    2023-03-06

    Amazon NFT Marketplace To Reportedly Launch Next Month

    2023-03-06

    Blur Coin Under Fire As Allegations Of Wash Trading Emerge

    2023-03-01
  • Metaverse

    Siemens and MIT Tech Review Probe ‘The Emergent Industrial Metaverse’

    2023-03-30

    Disney Metaverse Division Reportedly Scrapped

    2023-03-28

    Animoca Denies $200M Metaverse Fund Cut

    2023-03-27

    Metaverse Trading Hits All-Time High

    2023-03-24

    Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

    2023-03-20
  • Analysis

    DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried

    2023-01-08

    Mark Cuban Makes Prediction on Next Crypto ‘Scandal,’ Warns of Potential Implosion if Exposed: Report

    2023-01-08

    Binance Listings Cause Crypto Assets To Spike an Average of 41%: New Research

    2023-01-08

    Bitcoin Whales Unloaded BTC As Market Reversed and Parked Their Profits in This Crypto Asset Class: Santiment

    2023-01-07

    Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO

    2023-01-07
  • Regulation

    FTX Founder Sam Bankman-Fried Pleads Not Guilty to New Charges, Including Bribery of Chinese Officials: Report

    2023-03-31

    XRP Perpetual Futures Open Interest skyrockets to $610 million

    2023-03-31

    CNBC’s Jim Cramer calls Binance “way too sketchy”

    2023-03-31

    Bitcoin reclaims $28k despite potential regulatory woes from Binance lawsuit

    2023-03-31

    Binance daily withdrawals double as users report problems off-ramping

    2023-03-31
  • Learn

    Best Bitcoin Mining Software — TOP Crypto Miners to Use in 2023

    2023-03-30

    Next Cryptocurrency to Explode 2023

    2023-03-30

    Chart Patterns Cheat Sheet For Technical Analysis

    2023-03-21

    Best NFT Wallets in 2023

    2023-03-21

    What are Dapps (Decentralized Applications) Crypto?

    2023-03-17
  • Market Cap
CryptoNewsMetaverse
Home»Altcoins»Bullish on Ethereum [ETH]? This venture fund founder might agree with you
Altcoins

Bullish on Ethereum [ETH]? This venture fund founder might agree with you

2023-01-03No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email
  • ETH could herald profits in 2023, according to the founder of Union Ventures Fund.
  • Traders remained optimistic, and validators on the network grew.

Fred Wilson, the co-founder of Union Ventures Fund, showed faith in the potential for Ethereum [ETH] to grow over this year. In a statement on 3 January, Fred predicted that even though a lot of web3 projects would fail in 2023, Ethereum would still show growth.

He also predicts that the large caps in web3 (BTC and ETH mainly) will start to attract more interest from investors and should do well in 2023. He is more bullish on ETH personally because it has the best underlying economic model of any web3 asset. https://t.co/CGVsaCSJcc

— Wu Blockchain (@WuBlockchain) January 3, 2023


How many ETHs can you get for $1?


Year of the bull for ETH?

The reason for this bullish sentiment was because Fred believed that Ethereum had the best underlying economic model of any web3 asset. There were other reasons why investors were feeling bullish about ETH.

One of them would be the growing number of addresses on the Ethereum network. According to data provided by Glassnode, the number of non-zero addresses grew significantly over the last few months and reached an all-time high of 92 million addresses.

Source: glassnode

Along with the addresses, the validators on the Ethereum network grew as well. The number of validators on the network increased by 2.22% over the last month. Moreover, the revenue generated by these validators increased by 1.65% in the last seven days.

At the time of writing, the number of validators on the Ethereum network stood at 494,342.

Source: Staking Rewards

The validators were not the only group of people that showed faith in Ethereum, as traders also showed optimism in favor of ETH.

According to data provided by Coinglass, the number of long positions being held in favor of Ethereum surpassed the short positions by a huge margin. At press time, 65.82% long positions were being held by traders.

Source: Coinglass

ETH holders and developers

However, even though the general sentiment for Ethereum seems bullish, there were a few areas where Ethereum could show improvement.

For instance, the development activity for Ethereum declined immensely over the last month. This implied that the contributions being made by Ethereum’s team on its GitHub decreased.

However, the declining development activity did not deter Ethereum whales. The percentage share of Ethereum being held by large addresses observed a massive surge over the last two weeks. But this interest from whales wasn’t enough to impact ETH’s price positively.


Are your ETH holdings flashing green? Check the profit calculator


The decline in price resulted in a declining Market Value to Realized Value (MVRV) ratio. This implied that most Ethereum holders would take a loss if they sold their holdings. The negative long/short difference suggested that it was mostly short-term investors that would bear a loss.

Source: Santiment

It is yet to be seen whether the short-term holders would sell their positions. At the time of writing, ETH was trading at $1,216.88. Its price fell by 0.66% in the last 24 hours, according to CoinMarketCap.



Source link

Agree Bullish ETH Ethereum Founder Fund Venture
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

FTX Founder Sam Bankman-Fried Pleads Not Guilty to New Charges, Including Bribery of Chinese Officials: Report

2023-03-31

$852,000,000 in Ethereum, Polygon, Fantom and Additional Altcoins Have Left Binance Following CFTC Lawsuit: Nansen

2023-03-30

CFTC Says Bitcoin, Ethereum and Litecoin Are Commodities in Lawsuit Against Binance and CEO Changpeng Zhao

2023-03-29

Animoca Denies $200M Metaverse Fund Cut

2023-03-27
Add A Comment

Leave A Reply Cancel Reply

Top Posts

EU commissioner McGuiness says privacy, AML may look different from US under MiCA

2022-10-13

Litecoin Shows Bullish Signs As Price Eyes $70; Will Bulls Push To This Region?

2022-11-18

One Ethereum (ETH) Rival Will Outperform Vast Majority of Altcoin Market, According to Top Crypto Trader

2022-06-24

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Instagram YouTube TikTok
Top Insights

FTX Founder Sam Bankman-Fried Pleads Not Guilty to New Charges, Including Bribery of Chinese Officials: Report

2023-03-31

XRP Perpetual Futures Open Interest skyrockets to $610 million

2023-03-31

CNBC’s Jim Cramer calls Binance “way too sketchy”

2023-03-31
Get Informed

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Cryptonewsmetaverse.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$28,413.000.70%
  • ethereumEthereum(ETH)$1,818.491.08%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.17%
  • binancecoinBNB(BNB)$315.67-0.61%
  • usd-coinUSD Coin(USDC)$1.00-0.13%
  • rippleXRP(XRP)$0.551.48%
  • cardanoCardano(ADA)$0.4031296.99%
  • Lido Staked EtherLido Staked Ether(STETH)$1,815.331.21%
  • dogecoinDogecoin(DOGE)$0.0768572.60%