Kategorie: Ethereum News

Ethereum news about the ETH blockchain and its crypto ecosystem.

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BTC and ETH hold onto support as VC exec maintains bullish prediction

  • Chris Burniske says Ethereum could outperform Bitcoin in March due to the Shanghai upgrade.
  • Burniske is a partner at crypto-focused VC Placeholder and formerly of ARK Invest (crypto division).
  • According to the investor, pullbacks are likely to remain “within current uptrend.”

Chris Burniske, partner at venture capital firm Placeholder and former head of crypto ARK Invest, is bullish on crypto going into March.

The investor believes the recent flip in sentiment has not resulted in deeper rot for major cryptocurrencies, despite the weakness seen across stocks amid investor anxiety over interest rates.

In a tweet posted this weekend, Burniske said the outlook is mostly bullish as recent pullbacks have been largely mild.

“From where I sit, I’m surprised crypto hasn’t pulled back more given weakness in equities and upward repricing in rates — bullish,” he noted.

Ex-ARK Invest head of crypto shares Ethereum and Bitcoin price predictions

Bitcoin and Ethereum have both retreated from year-to-date highs, from above $25k and $1.7k respectively. 

As noted above, the leading digital assets by market capitalization have given up the recent gains amid continued jitters over US inflation data. Buy-side volume has also tanked on shifting sentiment around the regulatory environment in the United States returned sell-off pressure across the markets.  

But while Bitcoin has retraced to support around $23,000 and Ethereum continues to hover around $1,600, the crypto bull says any further losses in the short term are likely to be “within the current uptrend.”

“To those saying some version of “just wait,” sure we could pull back a bit more, but calls for new lows anytime soon are silly. Pullbacks are consolidation within the current uptrend, imo,” the investor added.

In terms of price prediction for the top two coins, Burniske thinks Ethereum will outperform Bitcoin in March. According to him, ETH is likely to gain fresh momentum from the highly anticipated Shanghai upgrade, which is expected to drive staking flows. 

The outlook is supported by on-chain data, which shows new value sent to the ETH 2.0 deposit contract continues to rise. 

Crypto analytics firm Santiment recently shared a chart showing that the number of newly staked coins rose a 5-month high count earlier this week.

The post BTC and ETH hold onto support as VC exec maintains bullish prediction appeared first on CoinJournal.

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Ethereum’s Shanghai/Capella network upgrade is slated for Feb. 28

  • Ethereum plans to deploy the Shanghai/Capella upgrade on Sepolia testnet
  • The update is scheduled to test staked ETH withdrawals.
  • The Shanghai-Capella was earlier tested on the Zhejiang testnet but developers discovered minor bugs.

Ethereum developers have announced that they have scheduled a test run of the Shanghai/Capella (Shapella) upgrade for February 28. The test run is planned to go live on Sepolia testnet to test staked ETH withdrawals on Ethereum’s proof-of-stake blockchain.

The test on Sepolia will bring the Ethereum chain closer to the ability to withdraw the staked ETH tokens from the Beacon Chain. According to the communication from Ethereum, “The Shapella upgrade combines changes to the execution layer (Shanghai), consensus layer (Capella) and the Engine API.”

Shanghai upgrade

The upgrades on Shanghai will introduce Warm COINBASE, PUSH0 instruction, Limit and meter initcode, Beacon chain push withdrawals as operations, and Deprecate SELFDESTRUCT.

The changes can be viewed in the new Python reference implementation for the execution layer, Ethereum Execution Layer Specification (EELS).

Capella upgrade

The Capella upgrades will introduce full and partial withdrawals for validators, BLSToExecutionChange messages, which allow validators using a BLS_WITHDRAWAL_PREFIX to update it to an ETH1_ADDRESS_WITHDRAWAL_PREFIX, a prerequisite for withdrawals, and independent state and block historical accumulators to replace the original singular historical roots.

Unlocking the over 16 million staked ETH

Ethereum validators are eagerly waiting for the unlocking of the more than 16 million ETH tokens that are currently staked on the Beacon Chain smart contract which opened in 2020.

While the validators await their assets to be unlocked, the majority of the other crypto investors are waiting to see how the Ethereum price will respond to the whole process. A wider majority believe that the staked ETH withdrawals may attract more institutional interest and also trigger an ETH price surge.

The post Ethereum’s Shanghai/Capella network upgrade is slated for Feb. 28 appeared first on CoinJournal.

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Ethereum price sits at key level as shorts liquidations rise

  • Ethereum joined the broader cryptocurrencies rally on Friday.

  • More short-sellers continued to liquidate their positions.

Ethereum (ETH/USD) price joined Bitcoin in its remarkable comeback on Thursday. It rose to a high of $1,696, which was close to the highest level since September 2022. ETH has jumped by over 56% from the lowest point in 2022. 

Shorts liquidations

Ethereum and Bitcoin prices jumped because of increased liquidations by short-sellers. Data compiled by CoinGlass showed that BTC shorts liquidations jumped to over $140 million on Wednesday. This compared with bulls liquidations of less than $20 million. 

The same is true with Ethereum, whose short liquidations rose to $42 million. Most of thos liquidations came from OKX followed by Binance and Huobi. Longs liquidations came in at just $3.64 million. In most periods, Ethereum tends to rise when short-sellers liquidate their trades. 

Ethereum price also rose because of the likely possibility that Binance will settle with the Securities and Exchange Commission (SEC), This view was shared by the company’s chief strategy officer who talked with the Wall Street Journal (WSJ). 

A settlement would be a good thing for both Binance and the crypto industry because it will end one of the biggest clouds hanging in the sector.

Meanwhile, risky companies in the US have started to do well, which is a sign that retail traders are back. On Monday, QuantScape, Upstart, Roblox, and Wish jumped by more than 20%.

Still, the biggest risk for Ethereum is monetary policy and regulations. Data published this week showed that America’s inflation remained high in January while retail sales jumped. As such, these numbers could fuel a new wave of a hawkish Federal Reserve. 

Ethereum price prediction

ETHUSD chart by TradingView

On the daily chart, we see tha the ETH/USD price has been in a consolidation phase in the past few weeks. In this period, it has remained between $1,665 and $1,462. This was a notable range since it was the highest point in November last year. Now, it seems like Ethereum is attempting to move above this level of resistance.

Ethereum has moved above the 50-day moving average. Therefore, there is a likelihood that the stock will have a bullish breakout. If this happens, the next key level to watch will be at $1,795 (September 12 high). Flipping this resistance into support could move to the key resistance at $2,027 (August 14 high).

However, a drop below the support level at $1,468 will invalidate the bullish view. It will signal that there are more sellers in the market. 

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Polygon announces zkEVM mainnet beta will go live next month

  • Polygon zkEVM supports Ethereum tooling for frictionless scaling.
  • The Polygon Labs team expects the layer-2 scaling solution to go live on mainnet on 27 March.
  • zkEVM has been thoroughly tested and audited, passing “100% of Ethereum test vectors.”

Polygon Labs has announced the launch of the public mainnet beta release for the Polygon zkEVM will go live on 27 March, 2023. 

Polygon zkEVM mainnet beta release next month

The Polygon zkEVM is coming to the public after a long winding roadmap, the team helping develop the Polygon (MATIC) protocol said in a blog post published on Tuesday. The news did not impact the price of MATIC that much as the broader crypto market reacted to US inflation data.

According to details shared in the blog release, Polygon zkEVM has hit multiple key milestones along this journey, including seeing zkEVM wallets top 84,000, with more than 75,000 zero knowledge proofs generated and more than 5,000 smart contracts deployed.

The layer-2 scaling solution seeks to bring even faster and cheaper transactions to the Ethereum network. And according to the Polygon Labs team, the zkEVM has gone through two public audits and “passed 100% of Ethereum test vectors that apply to a zkEVM.”

“Security is the highest priority, which is why Polygon zkEVM has been run through a gauntlet of tests and audits,” Polygon Labs wrote, adding that the community will get access to more details about the highly anticipated beta launch within coming weeks. Users and developers will also have full transparency regarding security measures.

Polygon zkEVM supports EVM-equivalence for frictionless scaling, with developers able to build apps on Polygon using the same code on Ethereum.

The post Polygon announces zkEVM mainnet beta will go live next month appeared first on CoinJournal.

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Aave deploys GHO stablecoin on Ethereum’s Goerli testnet

  • Aave has joined the space of DeFi protocols that have released their own native stablecoins.
  • The GHO stablecoin is not live on Ethereum’s testnet.
  • The GHO mainnet is however yet to be launched awaiting community discussion and approval.

Leading crypto decentralized finance (DeFi) protocols, Aave, has successfully deployed its native stablecoin GHO on Ethereum’s Goerli testnet. Aave is a leading crypto lending platform and the deployment of its stablecoin comes as MakerDAO, the issuer of one of the leading stablecoin DAI, announced plans to launch a crypto lending platform.

Following the deployment of GHO on the Ethereum testnet, potential adopters and developers of the stablecoin can access the stablecoin’s codebase and test how it works before the stablecoin is released to the general public on Ethereum.

However, while the testnet is ready for testing, the launch of the GHO mainnet depends on community discussions and approval through the Aave DAO which is in charge of Aave governance through proposals and voting. The DeFi community has been eagerly waiting for the GHO stablecoin launch since the Aave community overwhelmingly supported its development in August last year.

Stiff competition from Maker’s DAI stablecoin

While Aave has enjoyed a good time in the crypto borrowing and lending industry, its involvement with stablecoin means it will face stiff competition from rival DeFi protocols like Maker that have issued their own native stablecoins.

Currently, MakerDAO’s DAI stablecoin is the largest decentralized stablecoin. Curve, another renowned DeFi protocol is also developing its native stablecoin dubbed crvUSD.

However, Aave’s top position within the DeFi space with a total value locked (TVL) of $7.15 billion may give it a jumpstart with the stablecoin project.

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