Ethereum has shown an uptrend in the last 24 hours and its value is at its peak as of today. INR 1,206.001 is the moving average for this week. Buyers’ sentiment towards the asset had shaken as Ether was slipping down onto the heat map.
Ethereum Price Analysis
The 7-day graph of Ether shows a Zig Zag pattern indicating constant resistance and support. The developers of the Ethereum blockchain have confirmed the soft launch of the merge in September 2022.
|Key Support Levels:||INR 112044.4, INR 118856.2|
|Key Resistance Levels:||INR 115136.1, INR 111950.0|
Daily Moving Averages
MA 16th July, 2022:120618
MA 17th July 2022: 117941
MA 18th July 2022: 120642
Source: Moneycontrol, Messari.io
Ethereum’s 50 days EMA was recorded at INR 1,04,158 while the EMA for the last 24 hours is INR 1,21,162. The average volume of the asset has increased from 794,952 (50-day average) and the average volume of the asset has increased to 942,814 in the last 24 hours.
Check out the latest ETH INR Price, Charts, and Data.
The last four-hour chart indicated that the asset is treading in the green zone. Ether charts indicated an Ascending Triangle which doesn’t seem to close. Instead, the asset is struggling to move on the resistance side which is called a Fakeout. Analyzing the price, volumes and on-chain activity statistics investors may take a back seat to wait for the asset to enter the consolidation phase.
Analytics Source: Barchart.com, Cointelegraph
On-chain Analysis of Ethereum 2.0
13,705,248.20 are the total active addresses of Ethereum holders in the last 24 hours. The daily issuance rate of Ether is 0.0113%. New Ethereum addresses created as of today are 68,749. A total of 140 deposits have been made in ETH2.0.
Additional Read: Top Crypto Prices Today 18th July, 2022
Key similarities between Ethereum’s 2.0 upgrade and Bitcoin’s Taproot upgrade
|Ethereum 2.0 upgrade – Eth2||Bitcoin’s Taproot upgrade|
|Ethereum’s Proof of Stake merge is developed to scale the blockchain and reduce transaction fees (gas fee)||Bitcoin’s Taproot upgrade was a hard fork to optimize the transaction speed.|
|Ethereum 2.0’s adopted Sharing as their Proof of Stake mechanism||The main change introduces a new signature scheme called Schnorr signatures, the driver for which goes back to the last upgrade, SegWit.|
|Ethereum’s new consensus mechanism news announcement received a good response from the crypto community as the improved version will decrease the transaction fee and also move to a carbon neutral zone.||Bitcoin’s Taproot upgrade was supported by the mining community as the hard fork made mining less time-consuming.|
The development of Eth 2.0 is scheduled in three phases: The Beacon Chain, Shard Chain and eVASM.
Additional Read: Ethereum Merge Update
Will my old Ether be of no value with the Ethereum merge?
No. All of your Ethereum assets can be moved to the Eth2 network.
Will Ethereum 1.0 exist after the merge?
Transactions and applications will continue on Ethereum, maintained by the same software clients.
How will Eth1 and Eth2 co-exist?
Execution clients (Eth1 clients). Responsible for transaction bundling, execution, and state management. This layer is already represented by clients that Ethereum uses daily, such as Geth, OpenEthereum, Hyperledger Besu, and Nethermind.
Consensus clients (Eth2 clients). Responsible for the validating blocks, also known as the Beacon Chain. This consensus layer has been running smoothly for more than 6 months, with 155,663 validators collectively staking 4,981,046 ETH. Client teams include Teku, Lighthouse, Nimbus, and Prysm.