In today’s video, we’re joined by Carl from The Moon channel. For the first time, he gives us some Ethereum technical analysis. He will point out some very important Ethereum price targets and what we should be looking for when doing ETH analysis. At the end of this video, we’ll give you a reason to be extremely bullish on ETH.
In addition to going over the technicals and fundamentals of Ethereum, we’ll talk about something that recently happened to Carl. Carl will talk about how some of his social media accounts got banned and the reason behind it. His experience highlights the dangers of centralization and how someone’s business can be shut down in a single move.
Author: Post Author: CoinCryptoNews
Buterin helping to strategize against Ethereum 51% attack possibility
Ethereum developers recently proposed a network change called EIP-1559 — a proposal meant to combat the network’s rising transaction fees. Expected to take effect in July of this year, the move would send a part of every transaction fee to the Ethereum network itself. Ether allocated in this manner would then be burned, reducing the number of coins in circulation.
This change would also decrease the amount of rewards going to the network’s miners, leading some to protest the move. A vocal group of participants have since begun to advocate for a demonstrative network takeover, which could threaten the security of the network. The group, however, does not seemingly intend to overthrow Ethereum, insisting that they only desire to show the viability of such an attack. Buterin and other Ethereum developers have since responded by planning defensive efforts.
“The goal of this document is to describe a mechanism by which a merge can happen quickly, with little modification to either the ethpow or beacon clients,” said Buterin. This move would essentially transition the network to Ethereum 2.0 faster than expected.
“Like clockwork, the Ethereum community has quickly organized potential solutions to this possible 51% attack, with Vitalik leading the charge,” a blog post from Status said on March 12, pointing toward the framework written by Buterin. “Vitalik describes how Ethereum can perform a ‘quick merge’ by rapidly moving from proof-of-work to proof-of-stake with limited changes required to Ethereum clients,” the post said.
A miner known as “Bits Be Trippin” commented during a March 9 YouTube video that, “Part of the risk display here is not to attack the network, it’s to show that force projection is possible.”
Ethereum 2.0 is a scaling effort that looks to take the network from proof-of-work, or PoW, to a proof-of-stake, or PoS, mining consensus — an endeavor that has been in the works for years.
Buterin’s recently proposed framework would expedite the network’s mining consensus transition, choosing to work out the kinks and details of the system after the fact, the Status post detailed. The merge could pave the way for smoother development on Ethereum 2.0, according to the post and Buterin’s write-up.
The Status blog noted that the EIP-1559 opposition group have already technically mustered enough power to conduct their 51% attack, based on the group’s web page at the time of the blog post.
Ethereum’s network has been home to many significant developments in both the decentralized finance and nonfungible token arenas over the past year. As the number of platforms and assets running on the Ethereum network have grown, however, so too have the network’s transaction fees.
Ethereum initiated Eth2 in December 2020, with the launch of its beacon chain.
Ethereum price rejected at $1,800 declines towards $1,780 support
- Ethereum price has dropped from the 50 day SMA on the hourly chart at $1,811.
- Ethereum’s hourly RSI is lying slightly above 50, and hourly MACD is gaining bullish momentum.
- The market is anticipating a clear break above $1,815 and possibly spike ascent to $1,900.
Ethereum price has dropped from the 50 days simple moving average on the hourly chart at $1,811. At the time of writing, Ethereum is trading at $1,791 against the US dollar. The coin is trading above the crucial $1,700 support level, and there are high chances of sustaining the price above $1,800. Resistance is high at $2,000, and the bulls need massive buyer action to break above this price level.
The bulls have done a good job for Ethereum since the start of 2021. They’ve maintained an upward momentum, crashed multiple resistance levels along the way, and eventually gained over 85% this year. The market is still optimistic that Ethereum will thrash the $2,000 price level; Shall we look at the numbers?
Ethereum’s hourly RSI is lying slightly above 50, and the hourly MACD is slowly gaining momentum towards a bullish channel. The coin is holding gains above $1,790, and the ETH/USD pair is set to clear resistance around $1,820 and $1,850.
The 12-hour chart indicates a wedge-shaped structure, which traders usually translate to a near-term upward correction. Our take is the price will break the next resistance and break out into an ascending channel. Major support is already forming at $1,803, and a bullish trendline is gaining momentum around $1,810.
Besides, the market anticipates a crucial breakout that has already created resistance around $1,820 on the 1-hour chart. It seems that ETH/USD breaking out of two resistance levels at $1,820 and $1,850; will spike a fresh increase and strong momentum to prepare the coin for the $1,900 target. The next two major resistances will therefore be $1,900 and $1,920. Expectations are also heightening of Ethereum hitting $2,200 within the next two weeks. Which therefore terms $2,000 as the next major support for the bulls.
Ethereum formed a descending triangle in the early trading hours after dipping to an intraday low of $1,794. The dip was a downward correction from a daily high of $1,840. And since ETH/USD has been facing resistance at multiple levels in its attempt to recover above the $1,820.
A low is already forming around $1,790 on the 4-hour chart, and the bulls need to maintain a solid increase to break above $1,800. The bears corrected the price below the 23.6% Fibonacci extension level of the upward price correction from a swing low of $1,724 to a swing high of $1,840.
Well, during press time, the coin is trading above $1,780 and the 100 daily Simple Moving Average (SMA). There is initial support of around $1,785, and the price of ETH/USD is near the 50% Fibonacci extension level of the recent upward price correction.
The 1-hour chart has formed resistance near $1,800, and Ethereum has to clear the triangle resistance to remain strong and challenge both $1,800 and $1,820. The next major support after an ascending channel lies above $2,000.
Ethereum has a major price hurdle at $1,810. The market anticipates a clear break above $1,815 and possibly spikes a gradual ascent to $1,900. Bulls are targeting the $2,000 price barrier. If the coin does not resume its upward momentum, the chances of correcting further downwards are high.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Author: Arnold Kirimi