• Maker [MKR] has seen an impressive 45% gain in the past few weeks, rising from $504 to $746.
• However, MKR is currently facing a critical selling pressure zone at $720 which could attract more bears and drive down MKR’s prices.
• Short-term MKR holders have seen gains, but long-term holders could be at risk if the selling pressure zone is not overcome.

Maker [MKR] has seen an impressive price surge in the past few weeks, rising from $504 to $746, offering investors over 45% gains. Despite the impressive growth, MKR is currently facing a critical selling pressure zone at the $720 mark which could attract more bears and drive down MKR’s prices.

The 12-hour chart of MKR shows a strongly bullish trend, with the Relative Strength Index (RSI) currently at 62 after facing rejection at the 50-mark. This indicates a bullish momentum as buying pressure increases with the rising volumes, as evidenced by the On Balance Volume (OBV). Additionally, the Money Flow Index (MFI) is also exhibiting an uptick, indicating that accumulation is underway.

MKR bulls could attempt to overcome the selling pressure zone and target the $832 resistance level in the coming days or weeks. However, they must also deal with the obstacle of $774. On the other hand, if the selling pressure zone is not overcome, bears could gain more control in the market, driving down MKR prices to $669 or $633.

Short-term MKR HODLers have seen gains, but long-term holders could be at risk if the selling pressure zone is not overcome. Therefore, it is important for MKR investors to keep a close eye on the market and take a calculated decision on when to enter and exit the market.

• ETH staking activity witnessed a surge as the total value staked in ETH 2.0. deposit contract reached a new all-time high.
• The number of validators on the ETH network increased by 0.61% over the seven-day period, and the revenue from transaction fees also shot up by almost 24%.
• Whale transactions on the ETH network also surged, indicating a renewed interest in the king of altcoins.

The Ethereum network has been witnessing a remarkable surge in staking activity, with the total value staked in the ETH 2.0. deposit contract recently reaching an all-time high. According to data from Glassnode, the total amount of ETH staked in the deposit contract reached 16,042,407 ETH, surpassing the previous ATH of 16,042,391 ETH on 14 January 2023. A further drill down of the chart revealed that the value had experienced a substantial increase since 6 January, when developers announced that the Shanghai Upgrade, which will enable the withdrawal of staked ETH, will go live in March 2023.

This bullish cycle has also been reflected in the number of validators on the ETH network, which has steadily increased by 0.61% over the seven-day period, according to data from Staking Rewards. This increase in stakers has also positively impacted the revenue from transaction fees, which shot up by almost 24%. The annualized reward rate, which is the reward that validators can expect to earn per year, was estimated at 3.8%.

Furthermore, whale transactions on the ETH network have also surged, indicating a renewed interest in the king of altcoins. Despite the slight 1.3% drop in ETH’s price witnessed at the time of writing, Ethereum has managed to make a remarkable recovery since the FTX contagion hit the crypto markets. This has enabled ETH to sprint towards its pre-FTX market cap levels.

Overall, the surge in ETH staking activity is a positive indication of the growing interest in the Ethereum network. With the Shanghai Upgrade set to go live in March, investors can look forward to more opportunities to get involved.

• Investor sentiment towards Ethereum has improved of late, as key metrics such as the MVRV ratio and long/short difference suggest that there may be some selling pressure on Ethereum in the near future.
• The public sentiment for Ethereum remained positive despite the declining activity on the social front, as the number of social mentions and engagements decreased by 33.7% and 12.8% respectively.
• The validators also supported the network, with the number of validators on Ethereum rising by 2.3% over the last 30 days to 496,462 validators.

The world of cryptocurrency has seen its fair share of ups and downs since the advent of Bitcoin. Ethereum, the second-largest cryptocurrency by market capitalization, has been no exception. Over the past year, Ethereum has faced a lot of volatility, with the price of Ethereum falling from its all-time high of $1,450 in January of 2021 to a low of $650 in May of 2021. However, recent data from Santiment and LunarCrush suggests that investor sentiment towards Ethereum has improved of late, with key metrics such as the MVRV ratio and long/short difference suggesting that there may be some selling pressure on Ethereum in the near future.

The public sentiment for Ethereum has remained positive despite the declining activity on the social front. According to data provided by LunarCrush, the number of social mentions and engagements for Ethereum decreased materially over the last month, with social mentions decreasing by 33.7% and the number of engagements falling by 12.8%. However, despite this, the sentiment for Ethereum remained positive, with traders expressing interest in Ethereum over other cryptocurrencies such as BNB, BTC, and ADA.

Furthermore, the behavior of the retail and big-pocket investors, as well as the validators, appears to be in alignment with the bullish demand. According to data provided by glassnode, the number of addresses holding more than 10 Ethereum reached an all-time high of 352,360. In addition, the number of non-zero addresses on the Ethereum network grew considerably over the last few months, with this metric currently standing at 92.36 million. On top of this, the number of validators on Ethereum grew by 2.3% over the last 30 days, with 496,462 validators currently active on the network.

Overall, the data from Santiment, LunarCrush, glassnode, and Staking Rewards suggests that investor sentiment towards Ethereum has improved of late, and that the tides may soon turn in Ethereum’s favor. With the public sentiment remaining positive despite the declining activity on the social front, and the retail and big-pocket investors, as well as the validators supporting the network, Ethereum may be on the cusp of a price surge.

• A Crypto Punk NFT was sold for six times the amount it was bought, for 1155 ETH.
• Crypto Punks displaced other collections to the apex of the market sales volume in 2021 and first quarter of 2022.
• In the past 24 hours, Crypto Punks registered a 154% uptick in sales amounting to $2.60 million.

Crypto Punk NFTs have become a hot commodity in the digital asset market, with investors eager to get their hands on the rare assets. Recently, a Crypto Punk NFT sold for six times the amount it was bought, with the collector selling it for 1155 ETH.

The Crypto Punk NFT, #2066, was bought for 175 ETH – around $210,000 – and sold for an impressive $1.38 million. This rare asset is one of 88 Zombie Punks, and the sale sparked interest from many investors, with the collector receiving numerous offers until 28 December.

The sale of Crypto Punk NFTs has seen a huge surge in the past few months, with the collection becoming one of the top three across all blockchains, with hundreds of millions of dollars in sales. This performance has pushed the momentum into the first quarter (Q1) of 2022.

Unfortunately, the dip in crypto prices and a series of uneventful incidents have caused a massive decline in floor prices and traders‘ interests. However, the market has started to rebound, with Crypto Punks registering a 154% uptick in sales in the last 24 hours. The trades amounted to $2.60 million, involving 11 sellers and buyers in 15 transactions.

Yuga Labs-owned Mutant Ape Yacht Club [MAYC] and Bored Ape Yacht Club [BAYC] have also seen a rise in sales, with the two collections registering a combined sale of $12.3 million worth of digital assets.

It appears that the NFT market year may end in a turnaround and investors may not be too far from the truth. Despite a rally on the horizon, investors should not expect an all-round recovery, but the recent trade from a blue-chip Ethereum [ETH] collection could set things in motion.

With the market showing signs of recovery, investors are hopeful that the NFT market will make a comeback in 2023. For the market to sustain a revival, the crypto prices would need to recover first.

• The Ethereum Merge was successful, with follow-up upgrades expected in 2023
• Staking withdrawals are expected to begin in the first quarter after OFAC compliance improvement
• The Merge marked the largest mechanism change in crypto history

In September 2022, the Ethereum team successfully completed the Ethereum Merge, making it the largest mechanism change in crypto history. The Merge, as it was named, came as a long-awaited upgrade to the second-largest blockchain in the world. This event has brought a sense of relief to the crypto community and investors, who were previously dealing with several challenges such as exploits, scams, and the Terra [LUNA] collapse, that had sent the overall market capitalization into a downward spiral.

The Ethereum Merge was the first step in the blockchain’s transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS). This upgrade was a major milestone in the development of Ethereum, as it will enable users to securely validate transactions and create a more secure network.

The Merge was followed by several other upgrades, such as the Ropsten, Rikenby testnets, and Bellatrix upgrades. These upgrades were necessary in order to ensure the blockchain functioned at an optimal level. However, the Ethereum team still needed to address the issue of OFAC compliance. This was necessary to ensure that all transactions on the blockchain were compliant with the applicable laws and regulations.

With the Merge finalized, the Ethereum team is now focusing on the next step: staking withdrawals. This will enable users to withdraw their tokens from the blockchain, ensuring that all transactions are secure and compliant. It is expected that staking withdrawals will begin in the first quarter of 2023.

The Ethereum Merge was a major step in the development of Ethereum, and has been hailed as one of the most successful upgrades in the history of blockchain technology. This event has ensured the security and stability of the Ethereum network, and has paved the way for the blockchain’s transition to a more secure and compliant Proof-of-Stake system. With staking withdrawals set to begin soon, Ethereum is sure to continue its path of success in 2023.