- Ethereum developers planned to add new features to the network.
- ETH’s IV fell and prices showed mild bullish momentum.
Despite the volatility Ethereum is facing [ETH] in the market, the developers of the network have continued their efforts to add new developments to their network.
Read Ethereum’s [ETH] Price forecast 2023-2024
Developers stayed focused
About the recent developer of Ethereum phone call, the developers discussed code changes that would be included in the next Ethereum upgrade, called Cancun. One of the main topics of discussion was SELFDESTRUCT (EIP 6780).
Previously, Ethereum core developers discouraged the use of SELFDESTRUCT opcode as it could change the smart contract code and account balance without permission.
However, since 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 significant changes to some of these applications.
A new proposal has also been submitted, EIP 6913, to allow smart contracts that rely on SELFDESTRUCT to replace their code with new instructions after Cancun.
Next, the development team deliberated on the changes relevant to the SSZ markup that should be included in Cancun. SSZ is a data serialization technique used in the Chain Library for storing and transmitting chain status information.
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 strikers could pool their funds and use DVT for validation.
📈 ETH STRIKE IS LEVEL UP 📈
A thread about how 🧵👇
(1/7) pic.twitter.com/Qbu4pOD7GF
— Bankless (@BanklessHQ) April 28, 2023
The state of ETH
Since reaching this month’s high on April 16, ETH prices are down 11.30%. At the time of writing, ETH was trading at USD 1900.3. The CMF was -0.02. This indicated mildly bearish market sentiment for ETH, implying that selling pressure could be slightly higher than buying pressure.
Realistic or not, here is the market cap of ETH in terms of BTC
The RSI grew from 42.11 to 52.65 in recent weeks, implying that the cryptocurrency gained momentum in its price momentum during this period. The RSI would also suggest that Ethereum is currently in a bullish trend, but is not yet overbought.
Source: Trade View
While Ethereum is a all time low in terms of implied volatility, it can be seen that the market does not expect major price movements for ETH in the near term.
