– ETH’s uptrend has resulted in a 90% gain in 2023 and nearly 73% year-to-date returns.
– If the bull market continues, Ether is likely to see a retest of its all-time high of $4,877.
– Ethereum price rally has liquidated over $25 million in short positions on derivatives exchanges in the past day.
Ethereum (ETH) price has been on an upward trend since October 2023 and shows no signs of stopping.This development is in line with Bitcoin’s massive uptrend, which continues to climb higher, shattering all resistance levels.
Ethereum hits $4,000 psychological level
Ethereum (ETH) broke the $4,000 psychological barrier on Friday for the first time in more than two years.This significant achievement comes as the
Bitcoin price hit its new all-time high on Tuesday.
Ethereum holders anticipate a Spot Ethereum ETF approval by the Securities and Exchange Commission, by May 23, the final deadline for VanEck’s application.This is likely one of the catalysts driving gains in Ethereum.The second major catalyst is the upcoming Cancun-Deneb upgrade, also known as the Dencun
Hard Fork, scheduled to occur on March 13.
Key Points:
– New Milestone: Ethereum price breaks through the $4,000 level, reaching a peak of $4,000 on Coinbase.
– Sustained Growth: This breakthrough follows a period of consistent growth, with ETH rising over 75% year-to-date.
– Market Sentiment: The surge reflects growing investor confidence and excitement surrounding the Ethereum ecosystem and its potential applications.
Stay tuned for further updates and analysis as we explore the implications of this milestone for the future of Ethereum.
Ethereum development FAQs
After the Merge, the Ethereum community is looking at the Sharding upgrade next, which has been slated for sometime later in the year.The development can be summarized in four words, “scalability through more efficient data storage.” The software update will increase the capacity of the blockchain, widening the amount of data that can be stored or accessed.At the same time, all services running atop the Ethereum blockchain will enjoy significantly reduced transaction fees.
A fork is the splitting of a blockchain after developers agree and proceed to implement upgrades.
The decision comes after these developers reach a consensus for a software upgrade.The ensuing part will see one part continue with the status as is, while the other one will proceed with new features combined with the former ones.A hard fork basically entails permanent divergence of a new side chain from the original one, while a soft fork is doing the same, only difference being that it is temporary.
EIP-4844 is an improvement proposal for the Ethereum network.The upgrade promises reduced gas fees, which is a valuable offering considering the high transaction cost that continues to daunt crypto players.It has been a long-standing concern for the Ethereum network.The proposal is also referred to as “proto-Danksharding,” with an unmatched ability to increase the speed of transactions on the Ethereum blockchain.At the same time, it helps to reduce the transaction cost as everything becomes decentralized.
Gas token is a new, innovative Ethereum contract where users can tokenize gas on the Ethereum network.
This means they can store gas when it is cheap and start to deploy the gas once the market has shifted to the north.
The use of Gas token helps to subsidize high gas prices on transactions, meaning investors can do everything from arbitraging decentralized exchanges to buying into initial coin offerings (ICOs) early.
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