Enhanced Ethereum Staking

The main goal of Buterin is to make strategic improvements to Ethereum staking, aiming to make the network more secure and scalable.

And in turn, this will position Ethereum as a more affordable and user-friendly platform.

Private Mempools

Another standout feature in Buterin’s proposal is the integration of private mempools.

This innovative addition elevates user privacy and security by enabling transactions without exposing them to the public mempool.

This protects users from exploitation by miners, providing control over the visibility of their transaction history.

The Importance of ERC-4337

The introduction of ERC-4337 marks a significant stride in account abstraction.

This protocol gives users more control over their accounts and helps with the implementation of multi-signature wallets. Simultaneously, it improves overall security, which benefits the whole Ethereum ecosystem.

Code Precompilation – Streamlining Smart Contracts

Buterin’s proposal also includes the integration of code precompilation, which aims to help with the deployment of smart contracts.

By preprocessing specific elements of the code, this innovation could potentially increase the efficiency of executing smart contracts, making them quicker and more cost-effective.

Decentralized Liquid Staking

Expressing concerns over the centralization of existing liquid staking solutions, Buterin emphasizes the need for improvement in this area.

Liquid staking allows users to liquidate staked or locked assets, but centralization risks have prompted Buterin to call for a decentralized approach. This move could democratize the staking process and allow more users to participate without sacrificing liquidity.

The Ripple Effect on Ethereum’s Future

If Buterin’s proposed redesign becomes a reality, Ethereum could solve its issues with scalability. These changes could significantly lower the barrier to entry for new users and developers, creating a more diverse ecosystem. While the exact impact on Ethereum’s price and the broader crypto market remains speculative, trends suggest that fundamental improvements tend to increase a network’s user base and value.

Ethereum is committed to evolving and implementing the latest blockchain technologies. And these upgrades can make it even better in terms of security and scalability. After all, it’s not a surprise that Ethereum is the leading L1 chain.

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Price Movements & Support Levels

Over the last 72 hours, Ethereum has been relatively volatile, with its price moving between $1,933.16 and $2,089.51. ETH stands at $2,076.22 at the time of writing, reflecting a modest 1.48% increase from the previous day. Ethereum has also experienced a substantial 66% surge since the beginning of the year.

Understanding the concept of support levels is crucial when trading. These levels represent price points where a downward trend might pause due to reaching an accumulation zone.

Ethereum is getting closer to the critical $2,200 support level, which means traders could be looking to make some entries around that zone in either direction.

Fear and Greed Index & Market Sentiment

Despite the approaching support level, ETH’s current market sentiment remains firmly in the “greed” zone, scoring 56 on the Ethereum Fear and Greed Index.

This score further proves that investors remain bullish despite the recent volatility.

Performance Across Timeframes

Ethereum’s performance across different timeframes doesn’t reveal much.

While there has been a 2.84% decrease over the last five days, indicative of short-term volatility, Ethereum has increased by 11.34% over the past month and an impressive 18.20% increase in the previous three months.

What’s on the Horizon for Ethereum?

As Ethereum approaches the critical $2,200 support level, it has to show strength and hold the line. Given the positive momentum, investors and traders are keeping an eye on potential buying opportunities.

The coming days will likely be crucial to see if Ethereum can find stability around the key support level or if it starts breaking down. If ETH can hold that level or keep going up, it may not take long to see Ethereum reach its resistance level.

In conclusion, Ethereum’s journey towards the $2,200 support level is something to keep in mind. Everyone in crypto is waiting to see how this situation will unfold.

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SEC Receives Fidelity’s Spot Ether ETF Application

Fidelity has joined BlackRock in the race for a spot-based ether ETF.

In a Nov. 17 filing with the U.S. Securities and Exchange Commission (SEC), Fidelity said the ETF aims to “track the performance of Ether, as measured by the performance of the Fidelity Ethereum Index.” The index symbolizes the U.S. dollar price of ETH based on trading activity across major ether trading platforms.

“According to the Registration Statement, each Share will represent a fractional undivided beneficial interest in the Trust’s net assets. The Trust’s assets will consist of ETH held by the Custodian on behalf of the Trust,” the filing reads.

The Fidelity Ethereum fund’s shares would trade on the Cboe BZX Exchange under the ticker symbol ETHF.

“They are the seventh filer for spot Ethereum,” Bloomberg Intelligence analyst James Seyffart posited on the X platform, citing previous filings from BlackRock, Grayscale, Ark Invest, Invesco & Galaxy, VanEck, and Hashdex.

Why ETF Approval Would Be A Big Deal

Crypto enthusiasts keenly await an SEC approval of one or more ETF applications as the SEC has been reluctant to approve one, often citing possible market manipulation as the biggest risk factor.

According to optimists, ETFs that hold BTC or ETH, the market’s largest cryptocurrencies, could drastically shake up the crypto market as they could ease mainstream investors’ path into digital assets.

Fidelity noted in the filing that U.S. investors lack a “regulated, U.S. exchange-traded vehicle to gain exposure to ETH”. The giant financial firm further argued that existing venues for gaining exposure to the token entail encountering counter-party risk, legal uncertainty, and technical risk. “Meanwhile, investors in other countries… are able to use more traditional exchange-listed and traded products,” Fidelity continued.

To this end, Fidelity believes approval of a spot ether ETF would represent a “major win for the protection of U.S. investors in the crypto asset space.”

Fidelity submitted paperwork for a spot Bitcoin ETF in June, shortly after BlackRock took the big leap.

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ETH had been trying to hit the $2,000 price for a couple of months in vain, but the second largest cryptocurrency based on market cap saw light at the end of the tunnel recently.

According to IntoTheBlock’s “In/Out of the Money” parameter, Ethereum does not face any significant resistance until the $2,500 area, with 75% of ETH holders already smiling to the bank.

The leading on-chain metrics provider disclosed that even though profit-taking is expected at these levels, which could trigger pullbacks, this is currently unlikely because Ethereum is looking at the long-term picture.

Therefore, based on IntoTheBlock’s data, stakes are high that ETH will soar to the $2,500 zone based on the positive outlook being showcased.

Notably, the number of Ethereum addresses in profit sits at 77.72 million, whereas those in losses are 21.91, according to IntoTheBlock’s statistics.

An Interesting Tale is Happening Despite Ethereum Hitting $2,000

Ali Martinez, a leading market analyst, recently took to X, formerly Twitter, to highlight that despite Ethereum reclaiming the $2,000 threshold, whales were not in the mix because they had not even started buying.

Therefore, this paints a bullish picture on the Ethereum network because if whales buy, the ETH price is destined for greater heights.

The $2,000 price level illustrates that Ethereum is enjoying a 4-month high because the second largest crypto was in this trajectory in July this year.

ZyCrypto recently stipulated that ETH was currently in the $2,000 zone thanks to the world’s largest asset manager, BlackRock, filing for an iShares Ethereum Trust in Delaware, which is similar to the popular spot Bitcoin exchange-traded fund (ETF).

Furthermore, a holding culture was showcased in the Ethereum ecosystem, given that ETH supply on exchanges recently hit historic lows.

ETH was up by 12% to hit $2,079 at press time, according to CoinGecko. Therefore, time will tell whether Ethereum will scale to the new high of $2,500.

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With ETH supply on exchanges recently hitting an all-time low, a holding culture continues to play out on the Ethereum network, and this is one of the factors triggering the bullish trend.

Leading market insight provider Santiment took to X, formerly Twitter, to highlight that if significant ETH network growth continued to be experienced, this could propel the cryptocurrency to breach past the $2,000 mark.

Santiment acknowledged that the creation of new addresses had played an instrumental role in enabling Ethereum to cross the $1,800 level.

Ethereum was up by 4.2% in the past week to hit $1980 at press time, according to CoinGecko.

Low supply on crypto exchanges signals a holding culture because coins are kept in cold storage or digital wallets for future purposes other than speculation, and this is bullish because of low selling pressure.

Is Ethereum Eyeing Breaking Out of a Right-Angled Expanding Triangle?

As Ethereum continues making waves based on its significant authority in several crypto sectors, such as decentralized finance (DeFi) and non-fungible tokens (NFT), various analysts have delved deeper into the coin’s next price action.

Veteran analyst Peter Brandt recently pointed out that ETH had completed forming a right-angled expanding triangle.

This pattern is formed based on the expansion of a lower trendline and an upper one, and it can signal the continuation or reversal of the previous trend.

Therefore, if Ethereum breaks this pattern, Brandt suggested the price could soar to the $1,993 zone.

On the other hand, top analyst Ali took to X to highlight that Ethereum was poised to rise to $1,900 thanks to the formation of an ascending triangle by higher lows, and this pattern has been playing out since June last year.

With Ethereum being a stone’s throw away from $2,000, time will tell whether the second-largest crypto will breach this zone.

Meanwhile, significant resistance sits at $1,960, given that approximately 33 million ETH was bought at this level, as previously reported by ZyCrypto.

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Over the past seven days, Ether has witnessed a remarkable surge of 16%. However, its primary rival, Bitcoin, has outpaced it with a 20% surge during the same period. Notably, this surge saw Ethereum breaking key resistance at $1,745, sparking optimism among investors and analysts.

Despite these gains, Ethereum’s upward momentum is now at a critical juncture. The crypto community is closely monitoring a formidable resistance level at $1,960, which has raised concerns. 

On Thursday, popular crypto analyst Ali Martinez took to Twitter to shed light on this impending challenge, stating, “When will Ethereum break out? Well, you may need to wait for $ETH to overcome the huge supply wall at $1,960. Here, 1.14 million addresses bought nearly 33 million ETH, according to data from Into the Block.”

This said resistance level, often referred to as a “buy wall,” represents a level where a substantial amount of Ethereum was bought in the past. Investors who bought then may be inclined to sell their Ethereum at this price point, which can act as a significant barrier to further price appreciation. 

Interestingly, the close correlation between Ethereum and Bitcoin has been evident, where changes in one frequently impact the other. In another tweet, Martinez pointed out that Bitcoin’s potential 5% correction to $33,000, driven by its formation of an ascending triangle on the hourly chart, a move that could trigger a similar selloff in Ethereum.

Adding to Martinez’s views, crypto analyst ‘Cryptotony’ also presented a bearish perspective on Ethereum, telling his 346,000 X followers that the cryptocurrency might gain momentum and test the $2,500 resistance zone before entering a distribution phase and possibly decline leading up to the next halving event.

Another analyst, ‘Cryptonary,’ emphasized the significance of Ethereum’s ongoing test, stating that it was crucial to determine whether the bulls could break through the resistance at $1,960 or if Ethereum would echo Bitcoin’s overbought signals. 

Notably, the pundit’s technical analysis revealed that Ethereum had been oscillating between support at $1,745 and resistance at $1,823-$1,853, with no clear breakout yet. Additionally, he noted that the daily Relative Strength Index (RSI) was overbought but not as extended as Bitcoin’s.

That said, as Ethereum faces a pivotal moment along the $1,960 resistance level, the outcome of this test will determine whether Ethereum can continue its recent bullish trend, plunge or face a period of consolidation. 

Ether was trading at $1,796 at press time after a 0.32% increase over the past 24 hours.

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At present, Ethereum is primarily utilized for non-fungible tokens (NFTs) and decentralized finance (DeFi). However, Kendrick anticipates that Ethereum’s expanding roles in gaming and tokenization will create substantial new demand.

Per CoinDesk’s article, Kendrick further states that these emerging applications will serve as real-world examples, illustrating how various sectors can transition to the Ethereum blockchain to leverage its advantages over existing systems. He expects significant progress in these sectors to materialize between 2025 and 2026.

In the near term, Kendrick also predicts a positive market-wide impact from Bitcoin’s upcoming halving event in April 2024. He believes this event will buoy the entire crypto market, including Ethereum, and sees Ethereum’s value reaching $4,000 by the end of 2024.

Moreover, Kendrick suggests that the $8,000 valuation is not the final destination for Ethereum. He indicates that this is merely an initial stage leading up to the bank’s long-term valuation estimate for Ethereum, which he places between $26,000 and $35,000.

In contrast, in a video published on 10 October, crypto analyst Benjamin Cowen expressed his pessimistic short-term outlook on Ethereum (ETH), the leading smart contract platform in terms of market cap. Cowen expects Ethereum’s price to decrease substantially by the close of the year.

The Daily Hodl reports that Cowen believes Ethereum needs to revert to a lower value before it can sustain any long-term upward movement. He downplays the significance of Ethereum’s recent doubling in price, arguing that such gains are easily attainable in the conventional stock market. According to an analysis Cowen carried out almost a year ago, Ethereum has typically had to touch its lower regression band to see any notable price upticks. In his logarithmic regression model, this “home” for Ethereum lies in the $600 to $800 range.

Cowen predicts that Ethereum’s price is very likely to fall under $1,200 within the next couple of months. He also doesn’t rule out the possibility of an even steeper decline.

Cowen notes that Ethereum is making efforts to maintain its price within shorter time spans, spanning just over a year. However, he argues that it’s only a matter of time before Ethereum breaks these levels, leading to a reversion to its lower valuation ranges.

https://youtube.com/watch?v=Y50iyDlu0Bg%3Ffeature%3Doembed

At the time of writing, $ETH is trading at around $1,563, down 2.61% in the past 24-hour period.

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How ETH Could Rocket 5X To $8,000 By 2026

According to a new report by Standard Chartered Bank today, the ether price could see a five-fold increase from the current price over the next three years.

In the report, the bank predicted ETH’s rise will be mainly driven by the crypto’s dominance in smart contracts and growing uses for the Ethereum network in gaming and tokenization.

“We think Ethereum’s established dominance in smart contract platforms, along with emerging uses in gaming and tokenization, has the potential to push ETH to the $8,000 level by end-2026 (a 5x multiple from the current price of $1,600),” wrote Geoff Kendrick, one of Standard Chartered’s top FX analysts.

Notably, Ethereum’s current main use cases are non-fungible tokens (NFTs) and decentralized finance (DeFi). But Kendrick thinks real-world adoption in areas like gaming and tokenization should bring “significant demand” to ether.

According to Standard Chartered, Ethereum L2 scaling networks are also likely to boom, thanks to Ethereum’s imminent technical improvements, like proto-danksharding, that will reduce transaction fees on these networks. These enhancements, in turn, should “help to cement Ethereum’s dominance in the smart contract space, thereby increasing its P/E ratio (if not its earnings) over the next couple of years,” the bank continued.

Bitcoin Halving’s Impact On Ether Price

Moreover, the forthcoming Bitcoin halving event — where the reward for mining a new block of BTC is halved — in April 2024 should provide a tailwind for cryptocurrencies, ether in particular, Kendrick observed. “Subsequently, potential regulation and spot ETFs in the U.S. should benefit ETH as much as BTC; we pencil this in for late 2024, after the U.S. election,” he explained. This should see ether reaching $4,000 by the end of next year.

Looking further into the future, Kendrick views the $8,000 target as an initial milestone toward the bank’s “long-term structural valuation” target of $26,000-$35,000.

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The recipient of this charitable act will be Protocol Guild, which is essentially a collective or organization dedicated to the development, governance, and overall improvement of the Ethereum protocol. Comprising developers, researchers, and other key stakeholders, the guild serves as a focal point for collaborative efforts aimed at enhancing the Ethereum network. Its role is multifaceted, encompassing everything from proposing and reviewing upgrades to the protocol, to ensuring its security and scalability.

The guild often acts as a mediator between different parties within the Ethereum ecosystem, such as developers, miners, and users, to reach a consensus on various issues. This is particularly important given the decentralized nature of Ethereum, where changes to the protocol require broad agreement. By facilitating discussions, providing technical expertise, and even offering governance models, the Protocol Guild contributes to the democratic and transparent ethos of the network.

VanEck expressed that it is equitable for investment managers to share a portion of their earnings with the community that is responsible for developing the cryptocurrency protocol. The firm encouraged other asset managers and ETF issuers to consider a similar approach, stating that traditional finance (TradFi) should reciprocate the benefits it gains from the work of Ethereum’s core contributors.

This initiative places VanEck alongside other organizations and communities within the crypto space that have been supporting the Ethereum network. Notable names include Lido Finance, Uniswap, Arbitrum, Optimism, ENS Domains, MolochDAO, and Nouns DAO.

According to a report by Cointelegraph, publicly available data, which tracks the donations made to Protocol Guild’s mainnet, reveals that 4,846 contributions have already amassed over $12 million. These funds are subsequently allocated among the Guild’s members based on a weighted system that takes into account the duration of their contributions to the project.

In terms of technological advancements, the core developers of the Ethereum network are said to be focusing on the Ethereum Improvement Proposal EIP-4844, also known as Proto-Danksharding. This forthcoming upgrade aims to introduce a novel transaction type to the Ethereum network, with the goal of lowering transaction costs for layer-2 solutions.

On 28 September 2023, VanEck announced that it is getting ready to launch an Ethereum Futures ETF (EFUT), which is “an actively managed ETF designed to seek capital appreciation by investing in Ether (ETH) futures contracts.”

The fund plans to allocate its resources to standardized cash-settled ETH futures contracts that are listed on exchanges approved by the Commodity Futures Trading Commission (CFTC). Currently, the fund aims to invest solely in ETH futures available on the Chicago Mercantile Exchange. EFUT is set to be traded on the Chicago Board Options Exchange and will be under the direct supervision of Greg Krenzer, who leads the active trading division at VanEck. Having joined the company in 1994, Mr. Krenzer brings over 20 years of expertise in trading various asset types, including futures.

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Notably, the highly publicized upgrade merged the main network with the PoS-powered Beacon Chain, effectively establishing separate roles for execution and consensus.

One of the most profound changes introduced by The Merge was the transition from the energy-intensive Proof-of-Work (PoW) mechanism to the eco-friendlier PoS algorithm. As ZyCrypto reported, Ethereum’s energy consumption saw a staggering 99.9% reduction with its power usage plummeting from 21.41 TWh to 836 kW, marking a significant environmental improvement.

Another crucial outcome of The Merge was Ethereum’s shift towards a deflationary model. This shift was initiated by the implementation of EIP-1559 during the London hardfork in August 2021, which involved burning a portion of transaction fees. According to data by Ultra Sound Money, the reduction in new coin issuance accelerated after The Merge, leading to a decrease in Ethereum’s supply by more than 300,000 ETH.

However, while the deflationary nature of Ethereum is expected to drive up demand and potentially boost its price, Ethereum’s relative value, compared to Bitcoin, has faced challenges, declining by approximately 25% over the past year.

Notably, Ethereum’s price, when paired with Bitcoin (still a Proof-of-Work coin), has shown a pattern of lower highs and lower lows, as highlighted recently by Benjamin Cowan, Founder and CEO of ITC Crypto.

“You may notice that ETH / BTC tends to lose its support levels on BTC rallies. Many say that ETH/BTC is “holding up well” but it is still a series of lower highs and lower lows since the merge Supply-based models (but it’s deflationary!) do not tell you anything about demand.” Cowan wrote on X, Thursday.

Moreover, Ethereum has experienced a shift in dominance within its ecosystem, particularly toward liquid staking protocols. The PoS transition allowed users to participate in staking with smaller amounts of ETH, leading to a surge in liquid staking, with approximately 10% of the total Ethereum supply, equivalent to 11.96 million ETH, now locked in platforms such as Lido Finance.

However, this shift towards liquid staking has raised concerns about centralization within the network exerting downward pressure on the ETH/BTC price. That said, while there’s a general improvement in the ETH/USD price with the price creating higher highs, it will be hard to tell when the former will find a bottom, considering the aforementioned concerns.

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Bloomberg reports that the Merge led Ethereum to a more energy-efficient way of processing transactions. One of the key incentives offered was the ability to stake Ether (ETH) tokens, a feature that has seen a surge in demand. This rising popularity is now causing worries about the network’s capacity.

Data from Staking Rewards, as cited by Bloomberg, shows that about 20% of all Ether tokens, valued at roughly $41.5 billion, are currently staked. If this trend continues, according to an Ethereum Improvement Proposal (EIP-7514) co-authored by Ethereum core developers coordinator Tim Beiko, up to 50% of all Ether could be staked by May and potentially 100% by December 2024.

The proposal states:

“This proposal aims to mitigate the negative externalities of very high level of total ETH supply staked before a proper solution is implemented. In other words, this proposal accepts the complexities of changing the rewards curve and is meant only to slow down growth.

“In the event that the deposit queue stays 100% full, the share of ETH supply staked will reach 50% by May 2024, 75% by September 2024, and 100% by December 2024. While rewards decrease as the validator set size increases, at 100% of ETH supply staked, yearly consensus rewards alone (excluding MEV/transaction fees) for validators still represent ~1.6% of their stake. This small yield does not necessarily dissuade additional capital staking due to the often much higher and unpredictable yields from MEV. As such, the equilibrium point of the validator set size can be close to its maximum possible. Liquid staking tokens (LSTs) also contribute to this, given stakers can use them as they use unstaked ETH.

“As the levels of ETH staked increase, more strain is put on the consensus layer. A larger number of validators leads to an increase in gossip messages, as well as a growing Beacon state size. Additionally, as the amount of stake grows, it’s unclear how much marginal security benefits come from additional economic weight.“

Per Bloomberg’s report, the appeal of staking has grown because it’s one of the few reliable ways to earn returns in the crypto market. With most tokens still trading below their late 2021 highs, Bloomberg says Ether owners can earn around 4% by staking.

To mitigate these risks, Ethereum developers have apparently agreed to cap the number of new validators, who operate the staking wallets, that can join the network every six minutes. This change will be part of the next major Ethereum software upgrade later this year. This action should delay the point at which 100% of all circulating Ether is staked.

Jim McDonald, CTO at Attestant, one of the largest Ethereum staking providers, indicated to Bloomberg that the current situation could cement the market position of existing staking providers, making it challenging for new players to enter the market.

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Institutional Outflows Remain High

While XRP saw inflows of $0.7 million, ETH outflows totalled $4.8 million, bringing the year’s total to $108 million. Butterfill said the lacklustre performance made ETH “the least loved digital asset amongst ETP investors this year.”

ETP, which stands for ‘Exchange-Traded Product’, includes a wide range of investment products designed to expose investors to various assets, such as ETFs, exchange-traded notes (ETN), and exchange-traded mutual funds (ETFM).

The recent FTX scare about a massive sell-off of tokens, which could potentially trigger larger price drops, further causes concerns. FTX lawyers asked the court to allow the liquidation of $3.4 billion in crypto assets. The Delaware Bankruptcy Court approved on September 13, but the proposal would only allow for an initial release of $100 million in funds per week. This would not likely trigger massive price movements as some initially feared.

Could ETH Slide Below the Crucial $1,000 Mark?

In a report named ‘The Altcoin Crash is Coming’, research platform Matrixport suggests a grim outlook for Ethereum. It said: “A decline below $1,500 could bring back the idea that Ether could decline to $1,000 — a level that would appear justified based on the revenue projection from the Ethereum ecosystem.”

On the upside, Cathie Wood’s Ark Invest recently applied for Spot Ethereum ETF. While it remains to be seen if this gets approval, given the many Spot Bitcoin ETFs currently in limbo, it sends an overall bullish signal that the second-largest cryptocurrency is still popular. As per CoinMarketCap, Ethereum is currently trading at $1619, down about 13.85% month-on-month.

The report by Matrixport also highlights that the current ETH price is below the 50-day moving average, which is considered a bearish signal. Of course, ETH is not the only cryptocurrency experiencing losses; the overall market is trending downward with few exceptions. This makes ETH losses less about Ethereum’s fundamentals and more about overall market sentiment.

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