Crypto Industry News:
Vitalik Buterin revealed some interesting details about possible changes in the Ethereum network. During his visit to Turkey, Buterin gave an interesting interview for the NFT platform Defiant. Buterin raised, among other things, the issue of centralizing staking in the ETH network. Buterin also spoke enthusiastically about the UTXO payment model. What significance might the described changes have for the ETH network?
Buterin, during the aforementioned interview, emphasized the need to modernize the ETH staking mechanism to support healthier mining and staking pools. The main goal behind this idea is to increase the overall decentralization of the platform. The proposed initiative is a response to the challenges posed by the slow change in data availability in off-chain systems.
In connection with the upcoming update to the Ethereum ecosystem, Buterin revealed a little more information about the EIP 4844 update, commonly known as Danksharding. This update aims to increase the data map space, increasing it to 16 megabytes per slot. The post-upgrade phase will involve configuring parameters and attributes to improve Ethereum's scalability and performance.
Technical Market Outlook:
The ETH/USD pair has been rejected from the level of $2,132 again which makes this level a possible Double Top on the H4 time frame chart. The market moved lower towards the technical support seen at the level of $2,040, but the crucial short-term technical support for ETH is situated at $1,911, and only a clear and sustained breakout below this level would prompt a shift in the short-term outlook to bearish. The next target for bulls is the swing high located at the level of $2,135.
Weekly Pivot Points:
WR3 - $2,700
WR2 - $2,322
WR1 - $2,191
Weekly Pivot - $1,983
WS1 - $1,832
WS2 - $1,624
WS3 - $1,265
Trading Outlook:
The Ethereum market has consistently formed lower highs and lower lows since reaching the swing high in mid-August 2022 at $2,029. For the bulls to sustain the upward trend, breaking through this pivotal level is imperative. The crucial technical support at $1,368 holds significance, and as long as the market maintains trades above this level, the overall outlook remains bullish.