We all should know that Ethereum is the hub of the decentralized finance world. The Ethereum ecosystem is actual innovation, it gave birth to dApps, that by the way are still being built on Ethereum giving it a lot of utility.

DeFi wasn’t possible until Ethereum, and it’s only growing. Companies are already seeing Ethereum’s capabilities and are already issuing their own tokens or even L2's. This could change the way corporations manage digital assets. The hype of RWA tokenization on Ethereum also tells us that there's a bridge being built between traditional finance and crypto, giving assets a place in the blockchain. Another thing that Ethereum created is governance voting, bringing the concept of online community to a new level, and platforms like Reddit even experimented with community points, like our DONUTs. This is all built on Ethereum!!

Even though I’m bullish on Ethereum as a network, I’m bearish on ETH as a token...

The spam of new L2's reduced gas fees, which in turn reduces ETH burns. This impacts tokenomics making ETH less deflationary and less appealing from a supply and demand angle. Bitcoin outperformed ETH over the last year, which might mean investors prefer Bitcoin instead. Plus ETH ETFs haven’t attracted the level of interest Bitcoin ETFs have, there is a gap in mainstream appeal.

Thank you for coming to my ted talk lol. c:

Good day legends and welcome to the weekend edition! 🤩

Here’s a recap of what happened in the past 7 days:

Saturday (26 October 2024):

• ETH closing price: $2482
• ETH trading range: ($) 2430-2508

Sunday (27 October 2024):

• ETH closing price: $2507
• ETH trading range: ($) 2464-2527

Monday (28 October 2024):

• ETH closing price: $2567
• ETH trading range: ($) 2471-2589

Tuesday (29 October 2024):

• ETH closing price: $2638
• ETH trading range: ($) 2561-2681
• US Conference Board Consumer Confidence much higher than forecast
• US JOLTS Job Openings lower than forecast

Wednesday (30 October 2024):

• ETH closing price: $2659
• ETH trading range: ($) 2599-2722
• US ADP Non-Farm Employment Change higher than forecast
• US Advance GDP lower than forecast
• US Pending Home Sales higher than forecast

Thursday (31 October 2024):

• ETH closing price: $2518
• ETH trading range: ($) 2511-2669
• Bank of Japan kept rates unchanged but signaled possible rate hike in the future if data comes in as they forecast
• Euro Area Consumer Price Index Flash Estimate higher than forecast
• US Core PCE Price Index same as forecast
• US Unemployment Claims lower than forecast

Friday (1 November 2024):

• ETH closing price: $2511
• ETH trading range: ($) 2467-2586
• Switzerland Consumer Price Index lower than forecast
• US Non-Farm Employment Change significantly lower than forecast at 12k jobs added versus forecast of 106k
• US Unemployment rate same as forecast at 4.1%
• US Average Hourly Earnings higher than forecast
• US ISM Manufacturing PMI lower than forecast

WEEKLY: ETH trading range for the past 7 days (Saturday - Friday): ($) 2430-2722

MONTHLY: ETH start of October 2024 = $2602. OCTOBER Month-to-date returns: -3.50% ETH start of November 2024 = $2518. NOVEMBER Month-to-date returns: -0.28%

YEARLY: ETH start of January 2024 = $2281. Year-to-date returns: +10.08%

Today ETH opened at $2511 and was last traded at $2499 at 08:30 UTC.

Happy trading Ethtraders! 🚀 🚀 🚀