Ethereum Price Exhibits Volatility, Key Support Levels to Watch

• Ethereum price struggles to sustain above $2,080 and encounters challenges below the 23.6 percent Fibonacci retracement level, signaling potential pressure on its price.
• Ethereum’s co-founder, Vitalik Buterin, discussed the platform’s future roadmap and emphasized the need to redesign Ethereum staking for increased decentralization.

Ether, the native cryptocurrency of the Ethereum blockchain network has been showing some major price volatility over the last week with the ETH price shooting to $2,125. However, ETH has come under pressure amid the broader market sell-off and is currently trading 3 percent down at $2,024 with a market cap of $243 billion.

With this, Ethereum has once again dropped under its crucial resistance of $2,080, showing that it couldn’t sustain at higher levels for long. It faces challenges below the 23.6 percent Fibonacci retracement level following the recent drop from the $2,132 peak to the $2,024 bottom.

Ethereum is currently trading below $2,080 and the 100-hourly Simple Moving Average. Resistance is evident around the $2,065 zone, marked by a significant bearish trend line on the hourly chart of ETH/USD.

The primary hurdle lies near the $2,100 level, corresponding to the 61.8 percent Fibonacci retracement level of the recent downturn from the $2,132 peak to the $2,037 bottom. A decisive breakthrough above $2,100 might propel the price toward the $2,120 resistance area.

Subsequent resistance awaits near $2,135, and surpassing this level could set the stage for an upward move toward $2,200. Further gains may initiate a bullish momentum targeting the $2,250 level.

Ethereum is currently undergoing an accumulation phase, a trend potentially influenced by BlackRock’s filing for a spot Ethereum ETF. Meanwhile, the layer-2 network, Blast, has successfully bridged over $230 million in ETH crypto and stablecoins.

Future Ethereum Roadmap

Vitalik Buterin shared that this year’s change involves adopting a positive approach toward “staking centralization.” He emphasized the need to redesign Ethereum staking, aiming for healthier changes in mining pools and staking pools to enhance decentralization.

Buterin believes that addressing these issues will contribute to a more decentralized system, although challenges exist, particularly with slower data availability in off-chain systems due to high near-term and mid-term demands.

Regarding the upcoming Ethereum upgrade, EIP 4844 or Danksharding, Buterin mentioned an improvement in the data map space to 16 megabytes per slot. After the upgrade, the primary focus will shift to setting parameters and attributes.

Additionally, Buterin proposed the possibility of implementing a voting system to eliminate the necessity for future hard forks. The Dencun upgrade is expected to be live in early 2024.

Back in September 2023, Buterin unveiled the concept of Privacy Pools. The origins of Privacy Pools, a cryptocurrency project gaining popularity, can be linked back to a concept initially put forth by Vitalik Buterin, one of Ethereum’s co-founders, in 2022. Despite its early inception, the project remained relatively unnoticed until Buterin authored an academic paper on the topic, generating discussions across different platforms and within the cryptocurrency community.

Privacy Pools’ core concept revolves around harmonizing blockchain privacy with the changing landscape of regulatory expectations. This attempt to blend seemingly conflicting principles has ignited spirited debates, resulting in divisions within the cryptocurrency community.

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.