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Buterin Wants Ethereum 1.0 Gas Fee Upgrade Despite Beacon Chain Going Live

Buterin Wants Ethereum 1.0 Gas Fee Upgrade Despite Beacon Chain Going Live

Ethereum co-founder Vitalik Buterin thanked everyone involved with the beacon chain upgrade, which went live yesterday. After years in the making, Ethereum’s proof-of-stake concept is finally a reality.

Beacon chain, or Phase 0, represents the first step in a long journey to transition into a proof-of-stake consensus mechanism. With that, Buterin also tweeted a revised roadmap detailing this journey.

The roadmap I made back in March updated with (very rough and approximate!) progress bars showing what has been done and some of the recent tweaks to the roadmap itself. A lot has been accomplished, but still a lot remains to be done!

Ethereum 2.0 roadmap

Ethereum 2.0 roadmap

Source: @VitalikButerin on Twitter.com

For now, Ethereum 1.0 and the beacon chain will run in parallel with one another. But considering the mammoth task that lies ahead for developers, the final product is likely years away.

In the meantime, Ethereum 1.0 still suffers from several limitations; the most pressing of which is the high gas fees.

Ethereum Improvement Proposal (EIP) 1559 was first floated in 2018 to tackle this problem. However, as a proposal, it’s still unclear if EIP 1559 will make it into Ethereum 1.0.

This is especially so considering the time and money involved in implementing it, only for Ethereum 2.0 to nullify the effort eventually.

Nonetheless, as “short-term usability relief, ” Buterin is determined to integrate the EIP 1559 upgrade.

Let’s work hard and get this important economic upgrade into ethereum soon.

What is Ethereum Improvement Proposal 1559?

Under the present Ethereum transaction fee system, an auction mechanism determines the gas price paid by users. Users send bids to execute transactions, and miners choose which transactions to execute.

However, this set up has several inefficiencies, the most problematic being the imbalance of power towards miners. By miners cherry-picking the highest paying transactions, the net result is an unusable and expensive network.

EIP 1559 brings several changes to the transaction fee system. Gas fees will consist of the base fee plus a small “miner bribe.”

Instead of an auction mechanism, the base fee will move in line with network activity, bringing greater fee predictability into the mix.

“When the network exceeds the target per-block gas usage, the base fee increases slightly and when capacity is below the target, it decreases slightly.”

Under this proposal, the miner keeps the bribe, and the mechanism burns the base fee adding a deflationary aspect to the network.

According to Buterin’s roadmap, developers have completed about 75% of the groundwork for EIP 1559. What’s more, existing Ethereum users are crying out for a solution to high gas fees.

But, with Ethereum 1.0 in the stages of winding down, is EIP 1559 worth implementing?

The fact that Buterin is pushing for EIP 1559 could indicate his lack of confidence in the timely completion of Ethereum 2.0.

Few can grasp the scale and complexity involved with finalizing Ethereum 2.0. With that, it’s almost certain that the path to completion will be long and drawn out.

Ethereum daily chart

Ethereum daily chart

Source: ETHUSDT on TradingView.com

Source

TA: Ethereum Consolidates Above $600, A Strengthening Case for Upside

TA: Ethereum Consolidates Above $600, A Strengthening Case for Upside

Ethereum cleared the $600 resistance level and tested the $625 zone against the US Dollar. ETH price is consolidating above $600 and likely setting up for the next move.

  • Ethereum settled above the key $600 resistance level and climbed towards $625.
  • The price is currently consolidating near the $600 support and the 100 hourly simple moving average.
  • There is a major contracting triangle forming with resistance near $620 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could start a fresh increase above $620 as long as it is above the 100 hourly SMA.

Ethereum Price Resistance Turned Support

There was a steady increase in Ethereum after it broke the $600 resistance. ETH price even broke the $610 level and settled above the 100 hourly simple moving average.

It traded close to the $625 resistance before starting a downside correction. A high was formed near $624 and the price corrected lower below $615. There was a break below the 50% Fib retracement level of the upward move from the $587 swing low to $624 high.

Ether is currently approaching the $600 support zone and trading above the 100 hourly simple moving average. There is also a major contracting triangle forming with resistance near $620 on the hourly chart of ETH/USD.

Ethereum Price

Ethereum Price

Source: ETHUSD on TradingView.com

The triangle support is close to the 61.8% Fib retracement level of the upward move from the $587 swing low to $624 high. As long as the price is above the $600 support and the 100 hourly simple moving average, it could start a fresh increase.

An initial resistance is near the $615 level. The main resistance is near the $620 level, above which ether price is likely to accelerate higher above $625 and $630.

Downside Break in ETH?

If ethereum fails to clear the $615 resistance and the triangle upper trend line, there is a risk of a downside break. The first key support is near the $600 level and the 100 hourly simple moving average.

A downside break below the $600 support and the 100 hourly SMA could spark a sharp decline. The next major support is near the $570 level, where the bulls are likely to take a stand.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is currently rising and approaching the 50 level.

Major Support Level – $600

Major Resistance Level – $620

Source

TA: Ethereum Approaches Key Breakout, Why $600 Holds The Key

TA: Ethereum Approaches Key Breakout, Why $600 Holds The Key

Ethereum found support above $580 and corrected higher against the US Dollar. ETH price is facing a strong resistance near the $600 and $602 levels.

  • Ethereum started a decent recovery wave above the $585 and $590 levels.
  • The price is approaching the $600 barrier and it is above the 100 hourly simple moving average.
  • There is a key contracting triangle forming with resistance near $600 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could gain bullish momentum if there is a clear close above the $600 and $602 levels.

Ethereum Price is Showing Positive Signs

After a downside reaction, Ethereum started a recovery wave above the $580 level. ETH price also remained stable the $585 level and the 100 hourly simple moving average.

The price is currently stuck in a range below $600 (similar to bitcoin) and it seems to be preparing for the next move. The last swing low was formed near the $565 level before the price recovered above the 23.6% Fib retracement level of the key downward move from the $636 high to $565 low.

Ether is currently approaching the $600 barrier and it is above the 100 hourly simple moving average. There is also a key contracting triangle forming with resistance near $600 on the hourly chart of ETH/USD.

Ethereum Price

Ethereum Price

The triangle resistance coincides with the 50% Fib retracement level of the key downward move from the $636 high to $565 low. A successful close above the $600 and $602 resistance levels could open the doors for a sharp increase.

The next key resistance is at $610, above which the price may even clear $620. Any more gains will most likely call for a new yearly high above $636.

Downside Break in ETH?

If ethereum fails to clear the triangle resistance and $602, there is a risk of a fresh decline. An initial support is near the $590 level and the triangle lower trend line.

A downside break below the triangle support might push the price towards the $585 support and the 100 hourly simple moving average. Any more losses may possibly set the pace for a fresh decline towards the $565 swing low in the coming sessions. An intermediate support sits near the $570 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is currently well below the 50 level.

Major Support Level – $570

Major Resistance Level – $600

Source

TA: Ethereum Near Inflection Zone, Why ETH Could Tumble Below $570

TA: Ethereum Near Inflection Zone, Why ETH Could Tumble Below $570

Ethereum traded to a new yearly high at $636 before correcting lower against the US Dollar. ETH price is showing bearish signs and it could decline heavily if there is a break below $570.

  • Ethereum started a downside correction after trading to a new yearly high at $636.
  • The price is trading below the $600 level and approaching the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $590 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue lower if it fails to stay above $570 and the 100 hourly SMA.

Ethereum Price is Down 4%

There was a decent increase in Ethereum above the $600 and $620 levels. ETH price even broke the previous swing high and traded to a new yearly high at $636. However, the bulls failed to gain strength, resulting in a sharp decline below $620 (similar to bitcoin).

The price broke the $600 support level to move into a short-term bearish zone. The last swing high near $620 before the price declined towards the $575 support. A low is formed near $574 and the price is currently consolidating losses.

It traded above the 23.6% Fib retracement level of the recent decline from the $620 high to $574 low. Ether is currently facing a strong resistance near the $590 and $595 levels.

Ethereum Price

Ethereum Price

Source: ETHUSD on TradingView.com

There is also a key bearish trend line forming with resistance near $590 on the hourly chart of ETH/USD. The 50% Fib retracement level of the recent decline from the $620 high to $574 low sits at $597. A clear break above the trend line resistance and then $597 could start a decent increase.

The next key resistance is near the $600 level. A successful close above the $600 level could lead the price towards the $620 resistance in the near term.

Downside Break in ETH?

If ethereum fails to clear the trend line resistance and $597, there is a risk of more downsides. An initial support is near the $575 level and the recent swing low.

The main support is forming near the $570 level and the 100 hourly simple moving average. A proper close below the $570 level and the 100 hourly SMA could spark a sharp decline towards the $550 and $530 levels.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is currently well below the 50 level.

Major Support Level – $570

Major Resistance Level – $600

Source

TA: Ethereum Holds Strong Above $600, Why ETH Could Surge Above $620

TA: Ethereum Holds Strong Above $600, Why ETH Could Surge Above $620

Ethereum started a strong increase and broke the $600 resistance against the US Dollar. ETH price is up over 4% and it could even surge above $625.

  • Ethereum remained in a positive zone and climbed above the $600 resistance level.
  • The price traded close to the $620 level (as discussed yesterday) and settled above the 100 hourly simple moving average.
  • There is a key rising channel forming with support near $595 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher above the $620 and $622 levels in the near term.

Ethereum Price is Showing Positive Signs

Yesterday, we discussed the chances of more upsides in Ethereum towards the $620 resistance. ETH price did gain bullish momentum above the $585 and $600 resistance levels.

It traded close to the $620 resistance and settled above the 100 hourly simple moving average. A high is formed near $618 and ether is showing positive signs similar to bitcoin. It is currently consolidating gains and trading near the $607 level.

There was a minor break below the 23.6% Fib retracement level of the recent increase from the $572 swing low to $618 high. On the downside, there are many supports forming, starting with the $600 level.

Ethereum Price ETH

Ethereum Price ETH

Source: ETHUSD on TradingView.com

The first key support is near the $595 level. There is also a key rising channel forming with support near $595 on the hourly chart of ETH/USD. The channel support is close to the 50% Fib retracement level of the recent increase from the $572 swing low to $618 high.

On the upside, ether is facing hurdles near the $618 and $620 levels. A clear break above the recent high and $620 might spark a larger upward move. The next stop for the bulls could be $635 or even $642 in the near term.

Dips Supported in ETH?

If ethereum fails to clear the $618 and $620 resistance levels, there could be a minor downside correction. The channel support at $595 holds the key.

A downside break below the $600 level and the channel support could lead the price towards the $580 support zone. Any further losses might call for a test of the $570 level or the 100 hourly simple moving average.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently near the 60 level.

Major Support Level – $595

Major Resistance Level – $620

Source