The downfall of FTX has also left its mark on the Ethereum (ETH) price. Over the last 30 days, Ether has recorded a drop of around 20%.\u00a0At press time, the price was at $1,171, just above the crucial support level of $1,100.<\/p>\n
In the short term, the ETH price has found support at $1,171. However, if the key resistance at $1,230 is not breached in the next few days, a retest of the level at $1,100 could be on the cards.<\/p>\n
Ethereum price, 1-hour-chart. Source: TradingView<\/a><\/p>\n An important on-chain indicator for Bitcoin indicates<\/a> that this does not have to be the case. Since the crypto market is heavily dependent on Bitcoin as the largest cryptocurrency by market cap, a bottoming of BTC, could also mean accelerated gains for altcoins, led by Ethereum.<\/p>\n As cryptocurrency exchange ByBit notes<\/a> in its analysis of the market today, the MVRV (Market Value to Realized Value Ratio) of short-term Bitcoin holders has exceeded that of long-term holders (HODLers) for the first time this cycle.<\/p>\n The MVRV shows periods of market euphoria when the market value was significantly higher than the realized value, meaning the cost basis for Bitcoin purchases. \u201cThis could suggest a possible bottom formation, especially when direction traders are doing better than HODLers with strong convictions,\u201d the analysis states.<\/p>\n MVRV crosses. Source: notes<\/a><\/p>\n Meanwhile, Ethereum investors can look forward to highly positive news<\/a>. As Tim Beiko summarized, Ethereum developers are working towards including EIP-4844 (also known as proto-danksharding). This is a highly anticipated scaling proposal, in a future mainnet upgrade.<\/p>\n Whether EIP-4844 will be rolled out with Shanghai in March is currently pending. However, a decision could be made on December 08. This is when the next ACD, the last one in 2022 will be held. Beiko stated<\/a> that\u201d it\u2019d be great to wrap up the year with the final specs for Shanghai\u201d.<\/p>\n So far, EIP-3651 (Warm COINBASE), EIP-3855 (PUSH0 statement), EIP-3860 (Limit and counter init code) and EIP-4895 (Beacon chain push withdrawals as operations) are guaranteed for the Shanghai hard fork of Ethereum.<\/p>\n EIP-4844 is intended to introduce a new transaction format called shard-blob transaction. This allows data to be stored off-chain and accessed temporarily by Ethereum nodes.<\/p>\n Liam Horne, CEO of OP Labs, the developer of Optimism that uses roll-ups, expressed<\/a> that L2 fees could become much cheaper. \u201cThis is a GAME CHANGER for the rollup-centric roadmap, as fees could be lowered ~100x,\u201d Horne said.<\/p>\n Ethereum co-founder Vitalik Buterin commented<\/a> on EIP-4844 as following:<\/p>\n This is a crucial first step to massively lower fees on L2, helping to make it affordable for much larger numbers of users to directly use on-chain applications instead of relying on cefi intermediaries.<\/strong><\/p>\n Yesterday, the broadest commitment across all developer teams was that EIP-4895 should happen quickly, ideally around March. \u201cThere are other things they [the Ethereum client teams] are working on in parallel, and if these can make it at the same time, we should include them, but withdrawals guide the fork,\u201d Beiko summarized.<\/p>\n At the same time Beiko confirmed that EIP- 4844 is the second most important thing.\u00a0Thus, if all goes according to plan, proto-danksharding still has a chance to be integrated in the Shanghai hard fork.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n The downfall of FTX has also left its mark on the Ethereum (ETH) price. Over the last 30 days, Ether has recorded a drop of around 20%.\u00a0At press time, the price was at $1,171, just above the crucial support level of $1,100.<\/p>\n In the short term, the ETH price has found support at $1,171. However, if the key resistance at $1,230 is not breached in the next few days, a retest of the level at $1,100 could be on the cards.<\/p>\n Ethereum price, 1-hour-chart. Source: TradingView<\/a><\/p>\n An important on-chain indicator for Bitcoin indicates<\/a> that this does not have to be the case. Since the crypto market is heavily dependent on Bitcoin as the largest cryptocurrency by market cap, a bottoming of BTC, could also mean accelerated gains for altcoins, led by Ethereum.<\/p>\n As cryptocurrency exchange ByBit notes<\/a> in its analysis of the market today, the MVRV (Market Value to Realized Value Ratio) of short-term Bitcoin holders has exceeded that of long-term holders (HODLers) for the first time this cycle.<\/p>\n The MVRV shows periods of market euphoria when the market value was significantly higher than the realized value, meaning the cost basis for Bitcoin purchases. \u201cThis could suggest a possible bottom formation, especially when direction traders are doing better than HODLers with strong convictions,\u201d the analysis states.<\/p>\n MVRV crosses. Source: notes<\/a><\/p>\n Meanwhile, Ethereum investors can look forward to highly positive news<\/a>. As Tim Beiko summarized, Ethereum developers are working towards including EIP-4844 (also known as proto-danksharding). This is a highly anticipated scaling proposal, in a future mainnet upgrade.<\/p>\n Whether EIP-4844 will be rolled out with Shanghai in March is currently pending. However, a decision could be made on December 08. This is when the next ACD, the last one in 2022 will be held. Beiko stated<\/a> that\u201d it\u2019d be great to wrap up the year with the final specs for Shanghai\u201d.<\/p>\n So far, EIP-3651 (Warm COINBASE), EIP-3855 (PUSH0 statement), EIP-3860 (Limit and counter init code) and EIP-4895 (Beacon chain push withdrawals as operations) are guaranteed for the Shanghai hard fork of Ethereum.<\/p>\n EIP-4844 is intended to introduce a new transaction format called shard-blob transaction. This allows data to be stored off-chain and accessed temporarily by Ethereum nodes.<\/p>\n Liam Horne, CEO of OP Labs, the developer of Optimism that uses roll-ups, expressed<\/a> that L2 fees could become much cheaper. \u201cThis is a GAME CHANGER for the rollup-centric roadmap, as fees could be lowered ~100x,\u201d Horne said.<\/p>\nEthereum: EIP-4844 Implementation in March?<\/h2>\n
Ethereum: EIP-4844 Implementation in March?<\/h2>\n