In a video by Crypt Busy, the latest updates and upgrades coming to the Ethereum network were discussed, including state ether withdrawals coming in Spring 2023 and Proto dank sharding in the fall, which introduce a new type of transaction on Ethereum. The Shanghai upgrade, set for release in March 2023, will also cut gas fees for key network participants, making Ethereum more accessible and potentially increasing adoption and price action in the long term. Despite a crazy year for crypto and ongoing cautious optimism, projects like Ethereum that continue to develop and innovate during the bear market have good potential for survival in the long term.
The Latest Updates and Upgrades Coming to Ethereum
Hey everyone and welcome back to another video from Crypt Busy. My name is Tom and in today’s video we’re going to go through what’s been happening with ethereum – the latest updates and upgrades that are coming to the Network’s really exciting stuff that could translate into more adoption for ethereum and also some better priced action in the future. So stay tuned!
The Current State of Ethereum
Currently, ethereum is coming in at around 12.75 which is holding strong compared to how the market has been performing over the past few weeks. Because of FTX and everything else that happened in 2022, it’s been a crazy year for crypto – not fun at all but not out of the woods just out of yet when it comes to the bear market or the critter winter. There are still some more events and think capitulation is still yet to happen so again cautious optimism is something to keep in mind for the time being but uh yeah holding strong for what it is right now.
Technical Analysis on Ethereum
Now I’m going to go through some technical analysis later on today’s video talking about where ethereum could be going. If you want to see more of that in more depth make sure to check out Josh’s videos as well. He goes into some ta for Bitcoin, ethereum, and many other altcoins in much for the details.
The Latest Updates Happening for Ethereum
Going through some of the latest updates that’s happening for ethereum I think it’s really really interesting and again translates into better adoption for ethereum over the long term. Now, we saw what happened earlier this year with the ethereum merge and that was a big massive event for ethereum.
Ethereum’s Move to Proof of Stake
The way that ethereum has managed to perform is amazing because what happened before the theory emerged, it was from a group of work so meaning that you need to computing power to verify a transaction on ethereum. Whereas now they’ve moved over to proof of stake that is also a big thing much less energy consumption for ethereum which is much easier for the adoption for Ethereum on the long term so some very good stuff coming in for ethereum over there as well.
The Release of State Ether and Proto Dank Sharding
The next thing that’s going to be coming for ethereum and this is going to be targeted for March of 2023, it’s going to be the release of State ether so state eth withdrawals are coming up in the spring and then Proto dank sharding and that will follow within subsequent hard fork in the fall. More development of ethereum is good to see and especially during the crit to winter the bear market any project that aims to you know double down on their efforts continue to develop their projects during the grip to winter during the bear market is going to be a project that’s going to survive or has good potential to survive in the long term in my opinion.
The Shanghai Upgrade and ERC- 4895
The next hard fork that is going to release in March 2023 is the Shanghai upgrade. This upgrade will include the code known EIP 4895 at allow Beacon chain estate ether withdrawals so again extra things are going to be coming to ethereum there which is amazing to see.
ERC- 4844 and the Future of Ethereum
Erp 4844 introduces a new kind of transaction type to ethereum which accepts blobs of data to be persisted in the beacon node for a short period of time so we’ll make a video about that in much further detail but some really interesting stuff that’s there developing behind the scenes so really cool to see that as well staking withdrawals and asking me the next thing is going to come up with the Shanghai upgrade probably some other information that’s going to come out in there as well that hasn’t been released as of yet.
Reduced Gas Fees for Key Network Participants
A really big thing that the Shanghai upgrade will introduce is that it’s going to cut gas fees for key network participants and that ultimately is a great thing in my opinion. When I see people are going to be cutting gas fees or ethereum’s capacities are going to be cut that is a big thing because developers people who use the network itself it’s much easier to use because the barrier to entry is reduced.
Potential Ethereum Price Action
More accessible means more adoption and more adoption usually in terms of the supply and demand translates into better price action in the long term. Now, ethereum going to five figures in my opinion has the potential to do so but not any time now you know it’s not going to happen next week or next month or even next year, it’s going to take years for that sort of thing to happen especially what’s been happening with FTX recently.
Past Ethereum Price Action
What we saw with the ethereum price action on the run-up to the ethereum merge we did see a buy the rumor sell the news type event and it did pretty much translate into that. You can see exactly when the ethereum merge happened and the buy the rumor sell the news event. This is most likely going to be trans lacing into similar price action in the run-up to March of next year.
In conclusion, ethereum has some exciting updates and upgrades coming up, which will hopefully contribute to greater adoption for the network. As the crypto market continues to be unpredictable, cautious optimism is key when it comes to ethereum’s future success. But with hard forks like the Shanghai upgrade and the implementation of Proto dank sharding, ethereum is making bold moves to ensure its longevity in the market.