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EIP-1559 Update Completed. Could Ethereum Recover?

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The new Ethereum update is finally online. Co-founder Vitalik Buterin said satisfied. It also revealed some future network updates of the world’s second largest cryptocurrency. It is called ERC-4337 and will include the Account Abstraction update.

In addition to the new innovations that the update will implement in the Ethereum network, the Account Abstraction update will introduce new verification elements for users’ wallets. Developers and users are looking forward to this update. New functions such as multiple signatures and social recovery are introduced, new post-quantum signature algorithms that will make the wallets of users of the Ethereum blockchain more secure.

New Update Could Reduce Ethereum Gas Fees

Gas fees, a very common problem in the Ethereum network, should disappear with this update. A previous update, EIP-2938, was also designed to address this problem. Unfortunately, the resolution by updating required massive changes to the network protocol.

With this update, no protocol changes should be required, achieving maximum results without any changes. Buterin explains that a P2P mempool will be introduced to the network that will centralize all the players in the network. It will also make it easier for the user to configure the wallet.

Also the co-founder says that in the face of this major update, the vulnerability of the network to DOS attacks will slightly increase. The first version of the update will undergo security checks before being released on testnet.

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Bulls Hold Ethereum At $ 2,740.93

The broad crisis of the entire crypto sector does not leave Ethereum unscathed. The cryptocurrency has been losing value for four weeks. The negative performance since early September has been around 24%. The race to the bottom does not seem to be holding back. Currently the price has bounced off the Fibonacci level at $ 2,740.93, it is clearer on the daily time frame.

This threshold corresponds to the highs recorded at the beginning of June. Unfortunately, negative signals are coming from the MACD and the RSI. The first signals the downward cross of the MACD line with the signal line. The RSI is on a negative bias. A sustained move of $ 2,740.93 sets an intermediate target against $ 1,727.91, that is $ 2,234.42. The worst bearish scenario that can occur is a breakout of $ 1,727.91, with Ethereum likely to visit $ 1,345.88.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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