Ethereum is trading at $1,836.06, having lost 0.15%. It registered a 24-hour trading volume of $8.67 billion, up 6.71%. The price of ETH for the week increased modestly by 1.83%, trading close to the $1,836 mark.
Even with the retracement, Ethereum remains firm above the critical $1,800 mark. Analysts note that such support is an indication of accumulation, with healthy volume profiles and diminishing volatility. The Relative Strength Index (RSI) is 74.34, indicating overbought conditions but not yet excessive.
Ethereum shows bullish momentum with MACD
Ethereum technical indicators have a generally positive outlook. The 22.20 vs. -1.30 signal indicates ongoing positive momentum through the MACD divergence. Tightening Bollinger Bands (BB Width of 4.97%) suggest possible near term volatility expansion.
Directional Movement Index (DMI) readings verify trend intensity, with an ADX of 32.9. The volume ratios continue unchanged at 0.53x, indicating that the market is in consolidation. So long as Ethereum’s price is above major EMAs, bullish sentiment is likely to continue, with investors being cautious yet hopeful.
Vitalik Buterin’s plan to simplify ETH
Against the market backdrop, an ambitious five-year proposal from Ethereum co-founder Vitalik Buterin is aimed at simplifying Ethereum’s protocol. The goal is to decrease the increasing complexity of the Ethereum network for enhanced scalability and performance. The proposal is intended to change the structure of Ethereum to make its design similar to Bitcoin’s, with increased development costs and issues of rising on its radar.
Buterin’s approach involves profound shifts in both Ethereum’s execution and consensus. One of the main features is the adoption of “three-slot finality,” streamlining consensus mechanisms as well as boosting performance. These tweaks are intended to decrease technical complexity as well as protect the network from vulnerabilities, helping drive ETH’s long-term growth.
