Ethereum Corrects After Setting New ATH – What is Next with Altair Upgrade Arriving? – Ethereum Weekly
Ethereum has just crossed the $1000 barrier. There is seems to be no stopping it even with major correction in crypto market this past week. This means that Ethereum should soon become the most valuable blockchain network out there, but what will happen then? Will it’s value skyrocket or tank? Let us see how Altair upgrade progresses and predicts where all of these events will lead!
The “ethereum altair upgrade date” is a question that many people have been asking. The “Ethereum Weekly” wrote an article about the upcoming Altair upgrade and what it means for Ethereum.
After days of flirting near $60,000, the Bitcoin price hit a new high one week ago. Positive news about Bitcoin ETF approvals was enough to propel the cryptocurrency to its current high point. Ether followed suit, once again leading the cryptocurrency surge and setting a new high over $4,360. After failing to consolidate its position like Bitcoin did, the token has subsequently retraced.
The Impact of Bitcoin on Ethereum
Ethereum’s recent surge to a new all-time high has been primarily fueled by Bitcoin’s ascent. Unlike Bitcoin, which [in the last rally] bounced about its ATH for a while, Ether just skimmed beyond its prior 5-month high before meeting hard rejection at the level a few minutes later.
Analysts believe that Ether’s brief surge followed by a decline demonstrates the currency’s lack of upward momentum. They claim that the token fell after encountering immediate resistance since it was reliant on Bitcoin’s upward trend. Despite the $4,300 rejection, Ether has remained over $4,000 for the most part.
However, Ethereum offers several advantages over Bitcoin.
Ethereum traders seem to have put their trust in Bitcoin, but the Ethereum blockchain has seen considerable advancement as well, notably in the DeFi and NFT scenarios.
Over the previous several months, both apps have seen substantial growth. A DappRadar analysis earlier this month revealed that NFTs had reached a new high of $10.67 billion in sales volume. The NFT sales volume has surpassed $2.74 billion in the previous 30 days, with the Ethereum blockchain accounting for $1.89 billion.
In decentralized banking, startups like Solana and Binance Smart Chain have recently put pressure on the Ethereum blockchain. Despite this, its market share has remained dominating. It now accounts for more than two-thirds of the entire value locked in DeFi protocols (67 percent).
Ether’s tail was also pursued by altcoins.
Last week’s spike in Ethereum’s price to a record high had a rippling effect — at least on certain cryptocurrencies. As Ether’s gains resonated across the altcoin market, Binance Coin, Solana, Cardano, and Ripple also saw increases. The other tokens, with the exception of Solana, have corrected and are down in the previous seven days. Solana, which is now trading at $188, has down 9.54 percent in the previous 24 hours but is up about 20% in the last seven days, according to coinmarketcap statistics.
The Altair update, which was supposed to be live at the end of September, went live today, October 27. The Ethereum development team had previously announced the upgrade plan, stating that the Proof-of-Stake transfer was in progress and that the final transition will take place in February of next year.
Despite not bringing any big enhancements, the Altair update comes after the Beacon Chain launch in December and is just as important in shaping the network’s future. According to Ethereum Cat Herders’ Pooja Ranjan, this is the first and maybe the last update to the Beacon Chain on the mainnet before the move to proof of stake.
The update is intended to provide a new reward-penalty structure for validators, in addition to improved client support for Beacon Chain. The update is said to fix various flaws and is the first step toward switching to the Proof of Stake consensus process.
Staking was introduced to Ethereum via the Beacon Chain, which operates on the mainnet alongside the proof-of-work chain. It didn’t have a way to withdraw money, however, according to Ranjan, that would be fixed “with a subsequent update in 2022.” While Altair is unlikely to have an impact on the market, it is crucial for validator node runners.
Market Performance of Ethereum (ETH)
Over the previous three days, Ether has traded over $4,100. On Monday, the token gained traction and began a rise towards $4,300, but was rejected just below the goal price on Tuesday. Following that, ETH/USD fell below $4,130 before fighting its way back up. The rally was short-lived once again, as the pair fell dramatically today to a 24-hour low of $3,960.
The price of the token is presently $4,010, down almost 5% in the previous 24 hours. The bull’s main goal right now is to retain the token above $4,050 and avoid another drop below it. The next objective will be to locate firm ground above the $4,150 resistance level. However, if the token is rejected over $4,100, there is a good chance it may fall even more in the near term, with the next two support levels at $3,950 and $3,800.
The “epoch 74240” is a correction in the Ethereum blockchain. The correction was made after setting a new all-time high, which has since been corrected. What is next with the altair upgrade arriving?