After years of regulatory struggles due to the high energy consumption mining process, Ethereum has achieved a major milestone with the implementation of a staking program, marking a significant turning point in the Ethereum roadmap. This has allowed for greater decentralization and improved sustainability, as energy-intensive mining is no longer required.
Skepticism In The Air
While the Ethereum core developers, led by Vitalik Buterin, have argued that the network is highly decentralized through staking programs, US financial regulators remain unconvinced and have accused such programs of being unregistered securities. This has created some uncertainty in the Ethereum space.
Ethereum market set to outperform Bitcoin
According to Twitter user @MacnBTC, Ethereum is well-positioned to outperform Bitcoin in the near future. The analyst suggests that once the Ethereum price retests its recent high of $1,970, traders should watch out for $2,170 as the next target. However, the analyst notes that the altcoin season has not yet materialized, with Bitcoin still making higher highs.
ETH/BTC chart shows signs of reversal
The ETH/BTC chart, used to analyze the cash flow between the two top digital assets, has rebounded after making possible double bottoms. Moreover, the daily RSI on the ETH/BTC chart depicts a rising divergence, a characteristic of an imminent reversal.
The Ethereum ecosystem
Aggregate data provided by defillama reveals that the total value locked (TVL) in the Ethereum ecosystem has risen by approximately 2% in the past 24 hours, standing at around $30.8 billion. This is despite the onset of the Shanghai Upgrade that enabled the withdrawal of staked assets.
Furthermore, the Ethereum price is up by about 6.2% in the past 24 hours, trading above $1990. If the price manages to break above the upper resistance level of the rising channel, this could lead to a strong short squeeze to hit an 11-month high.
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