Over the last 24 hours, the Ethereum price has seen a minor 1.03% loss amid broader market growth.
Despite this recent developments pose the potential to push Ethereum out of its recent rut.
This comes as other major cryptocurrencies are seeing renewed growth following the stir generated by recent Bitcoin wallet movements relating to Mt Gox.
The Ethereum price is seemingly at a standstill. Although ETH has seen a 2.49% increase since last Tuesday, it has done little to recover from its recent losses, standing at 9.16% over the past month.
It seems that Ethereum is no longer reveling in the hype surrounding the SEC approval of Ether exchange-traded funds (ETFs) last month.
Investment firms are waiting on the SEC’s greenlight to begin trading them, with no updates outside of SEC Chair Gary Gensler’s statement that the progress of launching the first Ether ETFs is “going smoothly.”
A premise that is reflected in Ethereum’s trading volume, which has decreased 7.85% to $10.18 billion over the past 24 hours.
Given this, traders are looking to other fundamentals for an indicator of where Ethereum is headed next.
Vitalik Buterin’s Proposal
Vitalik Buterin suggested new methods to accelerate transaction confirmation times on the Ethereum network In a recent blog post.
He outlined a novel approach where each block is finalized before the next one is created, aiming to significantly enhance transaction speed and user experience.
Historically, Ethereum has lagged behind other blockchains in transaction speeds. They have improved to 5-20 seconds following the Merge, but other chains are still twice as fast.
A May 2024 CoinGecko report highlighted Ethereum’s absence from the top 10 fastest blockchains, with Solana, SUI, and Binance Smart Chain leading in speed.
To address this, Buterin proposes a method called single-slot finality, which would greatly reduce the current 12.8-minute transaction finalization time under Ethereum’s Gasper consensus.
Buterin also advocates for using layer 2 solutions, or rollups, which process transactions faster by utilizing smaller groups of validators.
Another proposal from Buterin involves allowing users to pay additional fees for immediate transaction confirmations. This system, known as fee-based confirmations, would enable Ethereum proposers to guarantee transaction inclusion in the next block.
Buterin believes these changes are feasible, but they remain conceptual at this stage. No details about implementation or timelines have been provided yet.
The need for improved transaction speed is critical as the market anticipates the approval of Ethereum spot exchange-traded funds (ETFs) in the US, with investors closely watching the cryptocurrency’s competitive stance.
“Over the last couple of years, we’ve become more and more uncomfortable with the current approach […] 12.8 minutes is way too long, and nobody cares to wait that long.”
Ethereum Price Prediction – Breakout Soon?
With significant news building around Ethereum, sentiment may be the push it needs to break through its recent stagnation. The last week may allude to a potential break higher.
Most notably, the Ethereum price seems to be forming an ascending triangle pattern (white). It has been converging to a point, up towards the $3524.35 resistance level, guided by a positive trendline that has formed strong support over the past 9 days.
This suggests strengthening bullish momentum as Ethereum continues to make higher lows.
Currently, the altcoin is retesting this support. A decisive bounce upwards could confirm the strength of the pattern and position it for a retest of the resistance.
However, the breakout from the pattern may not be on this attempt as wider trends air on bearishness.
Notably, The 30-day moving average (yellow) is now trending downwards towards the 200-day moving average (blue), which is also trending downwards. This reflects negative market sentiment, as both short-term and long-term trends are pointing downwards.
This is likely credited to the fact that both the proposed Ethereum upgraded and ETFs are yet to have clear implementation timelines – therefore there is still some uncertainty.
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The post Vitalik Buterin’s Faster Ethereum Transaction Proposal – What It Means for Ethereum Price Prediction appeared first on Cryptonews.
