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Ethereum Update: ‘Berlin’ Hard Fork, EIP-1559, ETH 2.0 Beacon Chain, First ETH ETF

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This article provides an update (as of 08:45 UTC on February 27) on some of the currently most popular topics in the Ethereum community.

‘Berlin’ Hard Fork Has Been Scheduled

According to a report by Coindesk, on February 19, at a meeting of Ethereum core developers, it was decided to provisionally schedule the Berlin network upgrade for block height 12,244,000, which means April 14.

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According to the specifications for the Berlin Network Upgrade, this hard fork will bring to the current ETH 1.0 blockchain the following Ethereum Improvement Proposals (EIPs):

  •  EIP-2565: ModExp Gas Cost
  •  EIP-2315: Simple Subroutines for the EVM
  •  EIP-2929: Gas cost increases for state access opcodes
  •  EIP-2718: Typed Transaction Envelope
  •  EIP-2930: Optional access lists

EIP-1559

Ethereum consultant Ryan Berckmans said yesterday (February 26) that EIP-1559, which most people in the Ethereum community believe cannot arrive soon enough, should launch on the ETH 1.0 mainnet in July.

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EIP-1559 is a fee market change for the current ETH 1.0 blockchain. More specifically, it introduces a transaction pricing mechanism that “includes fixed-per-block network fee that is burned and dynamically expands/contracts block sizes to deal with transient congestion.”

ETH 2.0 Beacon Chain Validators

Bitfly’s ETH 2.0 Beacon Chain explorer tool tell us that as of 08:00 UTC on February 27, there are nearly 100,000 active validators, with around 3.19 million ETH (worth roughly $4.74 billion) staked.

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Source: Bitfly’s Open Source Ethereum 2.0 Beacon Chain Explorer

First Ethereum ETF

On Thursday (February 25), CI Global Asset Management (“CI GAM”) announced that it has “filed and obtained a receipt for a preliminary prospectus” in Canada for CI Galaxy Ethereum ETF (“ETHX”). Once it has been launched, it should be the first Ether (ETH) ETF in the world.

Kurt MacAlpine, CEO of CI Financial, the parent company of CI GAM, had this to say:

Cryptocurrencies are transforming the financial world, and we are excited to launch the world’s first ETF investing directly in Ether, one of the most highly valued cryptocurrencies…

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CI is quickly establishing a leadership position in this space, having launched CI Galaxy Bitcoin Fund and recently filing a preliminary prospectus for CI Galaxy Bitcoin ETF, in partnership with blockchain and cryptocurrency experts Galaxy Digital. With these funds, we are reducing the friction points that investors have traditionally faced in buying and holding cryptocurrencies. CI Galaxy Ethereum ETF is an important addition to that lineup as this emerging asset class gains increasing interest and validation.

CI Galaxy Ethereum ETF will trade on the Toronto Stock Exchange (STX) under the ETHX ticker. It will “invest directly in Ether with its holdings priced using the Bloomberg Galaxy Ethereum Index (‘ETH Index’), which is designed to measure the performance of a single Ether traded in U.S. dollars.” The ETH Index is owned and managed by Bloomberg Index Services Ltd.

NFT Mania Continues

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Two days ago, NFT art marketplace Nifty Gateway, which was acquired by the Winklevoss twins’ crypto exchange Gemini in late 2019, announced that a “#1/1” (meaning that there is only in existence) artwork by digital artist Mike Winkelmann (aka “BEEPLE“), a graphic designer from Charleston, SC, USA, had just resold on the secondary market for $6.6 million.

Featured Image by “elifxlite” via Pixabay.com

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Ethereum

Ethereum Price Could See a Short-term Correction Before the Upswing Resumes

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The Ethereum fear and greed index signals high greed readings at level-73 even as GasNow, the popular Ethereum gas price quotation system suspends operation. The event was followed by the China-based mining pool [Sparkpool] earlier announcing the closure in response to regulatory requirements.

Etherscan at press time shows that the Ethereum 2.0 deposit contract maintains its lead as top deposit account in terms of Ether balance, an indication that the Sparkpool incidence does not deter the growth of the ETH ecosystem.

Another significant driver of the general crypto market is the recent Bitcoin ETF approval, as analysts speculate on an Ethereum ETF approval to follow. Meanwhile, the ETHBTC price chart from a daily time frame signals a regular bullish divergence, which means we should expect a rise in demand for ETH over BTC in the short to mid-term.

Read on as we uncover more insights from the ETHUSDT price chart.

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Ethereum (ETH) Weekly Chart Analysis

Paired against USDT, the Ethereum ETH trades within an expanding triangle, formed by bearish and bullish divergence patterns on 10 May and 19 July ’21.

The ETHUSDT price soared by about 136% after following a hidden bullish divergence on 19 July. Values of the RSI continue to trade above level-25, therefore indicating an uptrend as a bear-trap signal confirms a higher trough on 20 September ’21 [$2652.00].

Ethereum (ETH) Daily Chart Analysis

The above daily chart annotations reveal a similar expanding channel chart structure, this time with a bearish divergence as the current signal.

We anticipate the current uptrend to retract as early bulls take out some profits. On the flip side, a surge in demand could nullify the bearish divergence altogether as the price shoots for new highs.

Ethereum (ETH) 4HR Chart Analysis

Viewing the ETHUSDT from the 4HR intraday time frame, we notice a third expanding channel with a bullish divergence signal at press time.

Short-term scalpers could take a quick long order trade following the current bullish divergence with support at $3795.00. 

Although the general outlook for the ETHUSDT remains bullish, traders should generally be mindful of a price breakdown below the bullish trend line support, which could confirm the bearish divergence signal on the daily time frame and a decision to short sell the ETHUSDT.

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Ethereum (ETH) Intraday Levels

  • Spot rate: 3894.09
  • Mid–Term Trend [H4]: Strong Bullish
  • Volatility: High
  • Support: $3371.00, $3695.00, and $3795.00
  • Resistance:  $3966.00 and $4000.00

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Ethereum Price (ETH) Inches Closer to the $4k Mark! Institutional Investors seem Bullish

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Over the last 24 hours, the market has been in the green. Ethereum is up 4.04 percent, while Bitcoin is up 3.74 percent. Early on, the Ethereum cryptocurrency entered a little bullish phase, and the price of Ether appears to have breached the level of $3,800.

In the previous few days, ETH has made a significant advance, and the coin is currently approaching a test of the $4k threshold. 

A several-day sluggish retreat from the barrier was visible to the $3,400 mark. A firm foundation was built earlier this week after multiple efforts to break lower.

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According to popular analyst Michael van de Poppe, December is frequently the ideal time to buy altcoins. 

He claims that If history repeats itself, we might see a 200 percent run on $ETH/BTC towards the ATH region from there, but first there will be a larger pullback while #Bitcoin continues to perform well.

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ETH Price to $4000!

Fundstrat, an independent financial research firm, has some exciting news for Ethereum fans. According to the firm’s technical research, Ethereum is on the verge of a massive bull run that will push it past previous all-time highs.

“Ethereum Looks To Be Starting To Gain On Bitcoin After A Near One-Month Period Of Underperformance Throughout September.”

The crypto’s soaring market share, according to Fundstrat, will propel it over the psychologically significant $4,000 threshold. A convincing move above $4,030 would bolster the bulls, putting the coin on track for a new all-time high of $4,950. 

Crypto exchange Coinbase recorded a withdrawal of 400k Ethereum yesterday, according to on-chain data. This could be a hint of institutional investment activity, which would be good for the coin.

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Approximately 400k ETH (1.5 billion at the current exchange rate) was removed from the crypto exchange Coinbase yesterday, according to a CryptoQuant report. 

The fact that institutional investors are bullish on ETH could spell disaster for the cryptocurrency. If ETH is to advance to the next level, it will require a significant amount of capital, which normally means that whales such as institutional investors will be required to participate.

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Ethereum Forecast October 18 — 22, 2021

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Ethereum ETH/USD ends the trading week at 3847 and continues to move as part of the rise and the formation of the ”Triangle” pattern. Moving averages indicate a bullish trend for ETH/USD. Prices went up from the area between the signal lines, which indicates pressure from cryptocurrency buyers and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a price correction and a test of the support level near the area of ​​3055. Where can we expect a rebound and a continuation of the rise in the rate and value of Ethereum with a potential target above the level of 4755.

Cryptocurrency Ethereum Forecast October 18 — 22, 2021

An additional signal in favor of raising the ETH/USD quotes in the current trading week on October 18 — 22, 2021 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the cryptocurrency value in the current trading week will be a fall and a breakdown of the level of 2845. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes with a potential target below the level of 2235. Confirmation of the rise in the Ethereum cryptocurrency will be a breakdown of the resistance area and closing of quotes above the level of 4355 , which will indicate a breakdown of the upper border of the ”Triangle” model.

Cryptocurrency Ethereum Forecast October 18 — 22, 2021

Cryptocurrency Ethereum Forecast October 18 — 22, 2021 implies an attempt to test the support area near the level of 3055. Where can we expect a rebound and continued growth of the cryptocurrency to the area above the level of 4755. An additional signal in favor of the rise in the Ethereum rate will be a test of the trend line on the relative strength. Cancellation of the growth option will be a fall and a breakdown of the area of ​​2845. In this case, we should expect a continuation of the decline with a target below the area of ​​2235.

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