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Key Indicator Signals Bottom; Ethereum Core Devs Back EIP-4844

Ethereum

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The collapse of FTX has also left its mark on the price of Ethereum (ETH). Over the past 30 days, Ether has dropped about 20%. At press time, the price was at $1,171, just above the crucial $1,100 support level.

In the short term, ETH price has found support at $1,171. However, if the key $1,230 resistance is not breached in the coming days, a retest of the $1,100 level may be at hand.

Ethereum price, 1 hour chart. Source: TradingView

Bitcoin’s important chain pointer shows that this doesn’t have to be the case. With the crypto market heavily dependent on Bitcoin as the largest cryptocurrency by market cap, BTC bottoming out could also mean accelerated gains for altcoins led by Ethereum.

As cryptocurrency exchange ByBit notes in its market analysis today, the Market Value to Realized Value Ratio (MVRV) of short-term Bitcoin holders has exceeded that of long-term holders (HODLers) for the first time this cycle.

MVRV shows periods of market euphoria, when the market value was significantly higher than the realized value, i.e. the cost basis of Bitcoin purchases. “This could indicate a potential bottom formation, especially as directional traders do better than HODL traders with strong conviction,” the analysis states.

MVRV crosses
MVRV crosses. Source: Notes

Ethereum: EIP-4844 Launching in March?

Meanwhile, Ethereum investors can expect some very positive news. As summarized by Tim Beiko, Ethereum developers are working to incorporate EIP-4844 (also known as proto-danksharding). This is a highly anticipated scaling proposal in an upcoming web update.

It remains to be seen whether the EIP-4844 will be introduced in Shanghai in March. However, the decision can be made on December 8. That’s when the next ACD will be held, the last one in 2022. Beiko stated that” it would be great to end the year with the latest technical data from Shanghai”.

So far, EIP-3651 (warm COINBASE), EIP-3855 (PUSH0 statement), EIP-3860 (restriction and restart code) and EIP-4895 (beacon chain push-removal functions) have been guaranteed in the Shanghai hard fork of Ethereum. .

EIP-4844 is intended to introduce a new transaction format called a shard-blob transaction. This allows data to be stored off-chain and temporarily accessed by Ethereum nodes.

Liam Horne, CEO of OP Labs, developer of Optimism using Roll-ups, expressed that L2 fees can become much cheaper. “This is a GAME CHANGER for the roll-centric roadmap as fees can be reduced by ~100x,” Horne said.

Ethereum founder Vitalik Buterin comment in EIP-4844 as follows:

This is a crucial first step in massively lowering L2 fees, which will help make it affordable for much larger users to use on-chain applications directly instead of relying on cefi brokers.

Yesterday, the broadest commitment from all dev teams was that EIP-4895 should happen quickly, preferably around March. “They have other things [the Ethereum client teams] we work side by side, and if these arrive at the same time, we should include them, but the lifts control the fork”, summarized Beiko.

At the same time, Beiko confirmed that EIP-4844 is the second most important thing. Thus, if all goes according to plan, proto-danksharding still has a chance to integrate into the Shanghai hard fork.



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