Ethereum network developments and its impact on ETH: The how and why
- Ethereum developers planned to add new features to the network.
- ETH’s IV declined, and prices showcased a slightly bullish momentum.
Despite volatility being faced by Ethereum [ETH] in the market, the network’s developers have continued their efforts to add new developments to their network.
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Read Ethereum’s [ETH] Price Prediction 2023-2024
Developers remained focus
On Ethereum’s recent developer call, the developers discussed code changes that would be included in the next Ethereum upgrade, called Cancun. One of the major talking points was SELFDESTRUCT (EIP 6780).
Earlier, Ethereum core developers discouraged the use of SELFDESTRUCT opcode as it could change smart contract code and alter account balances without consent.
However, as there are already applications on Ethereum that use SELFDESTRUCT, developers have hired a third-party auditor. This auditor will assess the impact of EIP 6780, which may introduce breaking changes to some of these applications.
A new proposal, EIP 6913, has also been put forward to allow smart contracts relying on SELFDESTRUCT to replace their code after Cancun through new instructions.
Next, the development team deliberated on the modifications pertinent to SSZ formatting that ought to be incorporated in Cancun. SSZ is a data serialization technique employed in the Chain Library for the purpose of storing and transmitting information regarding the chain state.
Other upcoming updates, such as the DVT technology, will also help improve the current state of Ethereum. The Distribution Validator Technology (DVT), would introduce multi-sigs to the Ethereum ecosystem. Using this technology, solo stakers would be able to pool their funds together and use DVT for validation.
📈 ETH STAKING IS ABOUT TO LEVEL UP 📈
A thread on how 🧵👇
— Bankless (@BanklessHQ) April 28, 2023
The state of ETH
Since reaching this month’s high on 16 April, the prices of ETH fell by 11.30%. At press time, ETH was trading at $1900.3. Its CMF was at -0.02. This indicated a slightly bearish market sentiment for ETH, implying that the selling pressure might be marginally higher than the buying pressure.
Realistic or not, here’s ETH’s market cap in BTC’s terms
Its RSI grew from 42.11 to 52.65 over the last few weeks, implying that the cryptocurrency gained strength in its price momentum during this period. The RSI would also suggest that Ethereum is currently in a bullish trend, but not yet overbought.
As Ethereum reaches an all-time low in terms of Implied Volatility, it can be seen that the market is not expecting any large price movements for ETH any time soon.