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Ethereum price analysis: market steady at $4,914

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  • Ethereum price analysis predicts the prices to go up.
  • The strongest resistance rests at $4,914.
  • The strongest support rests at $4,100.

ETH/USD analysis shows that the prices were a an all-time high on 20 November 2021 with a slight decline, before experiencing a flash crash on 21 November 2021, before going into a steady flow and is currently increasing.

Ethereum price analysis 4-hour: market volatility decreasing

After the Ethereum price analysis 4-hour price chart, we have deduced that the graph follows a decline in volatility, meaning that the market is not prone to prices experiencing variable differences and thus remains as constant as it can. The upper limit of the Bollinger’s band, stands at $4,454 being the resistance, and the lower limit of the Bollinger’s band rests at $4,100, being the support.

Ethereum price analysis: market steady at $4,914 1
ETH/USD 4-hour chart source: Trading view

The ETH/USD price crosses over the curve and shows an inclined line of the moving average which signifies a bullish movement in the chart. The Relative Strength Index (RSI) is at 44. It indicates that the assets of the cryptocurrency are staying in the middle ground. They are not being oversold, but neither are they being undervalued. The bulls and bears both have the exact grip on the market. However, the bulls might pull something and get the price up somehow, according to the analysis of the charts.

ETH/USD analysis 1-day: market volatility increasing

Ethereum price analysis 1-day price chart we conclude that with the volatility increasing, although not very clearly, the prices will soon be prone to change, maybe even drastically, they might escalate or plunge drastically. The upper limit of the Bollinger’s bandstands at $4,914 is the resistance and the lower limit rests at $4,072 is the support of the assets.

Ethereum price analysis: market steady at $4,914 2
ETH/USD 1-day price chart source: Trading view

The moving average of the chart is passing over the curve showing a bullish movement. The Relative Strength Index (RSI) stands at 46, so we deduce that the assets are clearly in the middle showing no signal for change. the bulls and bears once again have an almost equal grip on the market. The currency is not oversold either is undervalued, although seeing as the volatility is increasing that may change soon and the prices might go in either direction.

Ethereum price analysis: conclusion

After careful Ethereum price analysis, the conclusion is that the runner-up in the crypto race is actually doing pretty good and the prices might even skyrocket but you can never know for sure in this market. The charts indicate that the runner-ups might jump in the $5,000 threshold if the steady resistance is in their favor. Although that might not be the case if the bears pull smth and bring the costs down. The bulls will then have to come up with schemes to claim the market grip.

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If you analyze the overall chart the price has been in a surplus for some time now, so overall the bulls are clearly dominating the market by leagues. The bears will have to up their game if they want to claim the runner-up throne.

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Ethereum

Vitalik Buterin proposes calldata limit per block to lower ETH gas costs

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Ethereum co-founder Vitalik Buterin has proposed a new limit on the total transaction calldata in a block to decrease the overall transaction calldata gas cost over the ETH network. 

Buterin’s post on the Ethereum Magicians forum, EIP-4488, highlights concerns regarding high transaction fees on layer-one blockchains for rollups and the considerable amount of time to implement and deploy data sharding:

“Hence, a short-term solution to further cut costs for rollups and to incentivize an ecosystem-wide transition to a rollup-centric Ethereum is desired.”

While the entrepreneur cited an alternative wherein the gas costs parameters could be decreased without further adding a limit to the block size, he foresees a security concern in decreasing the calldata gas cost from 16 to 3:

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“[This] would increase the maximum block size to 10M bytes and push the Ethereum p2p networking layer to unprecedented levels of strain and risk breaking the network.”

Buterin issued a decrease-cost-and-cap proposal, which aims to achieve the goal of reducing unprecedented levels of strain and risk breaking the network, and believes that “1.5 MB will be sufficient while preventing most of the security risk.” As for advice to the Ethereum community, he wrote:

“It’s worth rethinking the historical opposition to multi-dimensional resource limits and considering them as a pragmatic way to simultaneously achieve moderate scalability gains while retaining security.”

If accepted, the implementation of the proposal will require a scheduled network upgrade, resulting in a backward-incompatible gas repricing for the Ethereum ecosystem. This upgrade will also mean that miners will have to comply with a new rule that prevents the addition of new transactions into a block when the total calldata size reaches the maximum. “A worst-case scenario would be a theoretical long-run maximum of ~1,262,861 bytes per 12 sec slot, or ~3.0 TB per year,” the proposal read.

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However, the community is discussing other options like the implementation of a soft limit. Others raised concerns about the congestion during nonfungible token (NFT) sales, which may require users to compensate for the lack of execution gas by paying a higher total fee.

Rising gas fees have resulted in an outflow of users from the Ethereum network to lower the cost of Ethereum Virtual Machine-compatible networks.

As Cointelegraph reported on Nov. 4, Etherscan data shows that approving a token to be transacted on Uniswap decentralized finance protocol can cost as much as $50 worth in Ether (ETH).

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Average Ethereum gas cost. Source: Etherscan

Additionally, layer-two solutions, which were billed as the protocols that would help solve the fee issue, have been charging high fees due to network congestion amid the onboarding of new users.

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Ethereum price could easily double as ETH long term outlook screams bullish

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Ethereum as ultra-sound money
  • Ethereum price has formed a chart pattern on the weekly chart that indicates an optimistic outlook of a 97% ascent.
  • ETH must clear a few critical resistances before the bullish forecast could be validated.
  • Holding above $3,917 is crucial for the token’s rise toward $10,000.

Ethereum price continues to consolidate and discover reliable support above $4,000. ETH appears to be preparing for a massive bull run, as a technical pattern suggests that the second-largest cryptocurrency by market capitalization is looking to double its value in the longer term.

Ethereum price eyes $10,000

Ethereum price has printed a bull pennant pattern on the weekly chart, suggesting that ETH is eyeing higher prices. The prevailing chart pattern suggests that if the token slices above the upper boundary at $5,252, a 97% ascent toward $10,418 is on the radar.

ETH weekly

ETH/USDT weekly chart

The first area of resistance for Ethereum price appears to be at $4,211, where the 50-day Simple Moving Average (SMA) and the 78.6% Fibonacci retracement level coincide. Additional resistance will emerge at the 21-day SMA at $4,421. 

The token’s all-time high at $4,884 will then act as an additional obstacle for Ethereum price, but slicing above this level could unravel further bullish intentions for ETH.

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If Ethereum price manages to break above the aforementioned resistances, ETH may target the last remaining obstacle before the bullish outlook is validated, at the upper boundary of the bull pennant at $5,252. The 97% climb toward $10,418 would then be on the radar, but the token would be confronted by several hurdles, including the 127.2% Fibonacci retracement level at $5,762, then at the 161.8% Fibonacci retracement level at $6,866. 

ETH daily

ETH/USDT daily chart

However, if Ethereum price faces profit-taking, ETH would discover the first line of defense at the September 3 high at $4,020, then at the October 16 high at $3,962. The lower boundary of the governing technical pattern at $3,917, coinciding with the support line given by the Momentum Reversal Indicator (MRI).

Investors should note that if Ethereum price slices below the aforementioned foothold, the bullish thesis may be invalidated and ETH could continue to slide lower, as it searches for reliable support at the 100-day SMA at $3,762, then at the 61.8% Fibonacci retracement level at $3,675. 

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Raoul Pal Details Four Favorite Altcoins After Bitcoin and Ethereum, Outlines ‘Most Important’ Chart in Crypto

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Real Vision founder and chief executive Raoul Pal is updating his followers on his favorite altcoins outside of Ethereum (ETH).

Pal, a vocal Ethereum bull, tells his 795,200 Twitter followers that ETH competitor and smart contract platform Solana (SOL) is one of his favorite altcoins. Solana’s native token SOL, the fifth-ranked crypto asset by market cap, is trading at $200.10 at time of writing, down nearly 7% on the day.

Pal also lists three other smart contract platforms, Avalanche (AVAX), Terra (LUNA) and Polkadot (DOT), among his favorite altcoins.

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AVAX, the 11th-ranked crypto asset by market cap, is trading at $110.06 at time of writing, down nearly 9% on the day. In the same time period, LUNA is down 2.36%, trading at $41.81 at time of writing. DOT, the 9th-ranked crypto asset by market cap, is trading at $35.83 at time of writing, down 11.69% on the day.

Despite listing four smart contract platforms, Pal agrees with a theory laid out by Chris Dixon, a general partner at Andreessen Horowitz, stating that “ETH killers” are a myth.

Dixon believes demand for blockchains will outpace supply.

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Pal also thinks the Ethereum/Bitcoin (ETH/BTC) chart is currently the “most important chart” in the crypto markets.

“The ETH/BTC chart is in my opinion the most important chart in digital asset markets right now. A break higher will lead to more risk-seeking into year-end. BTC will go higher too.”

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Source: Raoul Pal/Twitter

Ethereum is trading at $4,125.15, or about 0.076 BTC, at time of writing.

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