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The Ethereum price is down 2% in the last 24 hours to trade at $2353 as of 11:30 a.m. EST, as its trading volume declined 5% to $27 billion.
The downturn follows a proposal from Ethereum co-founder Vitalik Buterin, who suggests a reduction in the Ethereum blockchain’s complexity. He proposes a more streamlined proof-of-stake (PoS) consensus mechanism that would require fewer signatures, aiming to alleviate the network’s burden and enhance its efficiency.
A PoS simplification proposal: make a design that only requires 8192 signatures per slot (even with SSF), making the consensus implementation considerably simpler and lighter.https://t.co/Z8mK7vZx7g
— vitalik.eth (@VitalikButerin) December 27, 2023
However, this approach has significant technical drawbacks, as sustaining such a large number of validators necessitates processing a substantial volume of signatures—around 28,000 per slot. Buterin highlighted that this imposes a considerable load on the network.
Presently, Ethereum supports an extensive array of validators, approximately 895,000,
Ethereum Price: Ascending Triangle Pattern Signals Bullish Breakout
The Ethereum price has formed an ascending triangle pattern, which indicates a continuation of the bullish trend.
The upward momentum in the market has propelled the price beyond the 50-day and 200-day simple moving averages, confirming the bullish trend and establishing support at short-term levels.
The Relative Strength Index (RSI) also displays a bullish signal as it moves from the midline level of 50 to 62, nearing the overbought threshold of 70.
Ethereum Price: Can Bulls Break Above Ascending Triangle?
Investors anticipate movements above the ascending triangle as they target a potential high of $3500, with expectations set for the first quarter of 2024.
However, a potential downside may occur, allowing bears to influence a decline in price toward the support zone at $2240.
Meanwhile, investors looking for a favourable entry level for ETH may consider yPredict, a low-key AI platform offering lucrative returns in its presale project.
yPredict Closes In On $6 Million, Buy Now Before Launch
yPredict (YPRED) is racing fast towards its $6.5 million goal, as it has raised a whopping $5.95 million. The presale is currently in its final phase, offering you the opportunity to purchase YPRED tokens at a discounted rate of $0.11. This price will rise to $0.12 once the presale achieves its goal and the tokens are launched on major exchanges.
The platform is positioned to utilize artificial intelligence (AI) to generate up-to-the-minute trading signals, conduct sentiment analysis, conduct technical analysis on widely used coins, and aid in identifying chart patterns for specific cryptocurrencies.
🚀 Exciting Announcement Alert! 🚀
Prepare for a mind-bending journey into the future of analytics! 📊✨ We're thrilled to unveil a sneak peek of yPredict's revolutionary Analytics product – the game-changer you've been waiting for! 🌐🔍
🔮 Brace yourselves for an unparalleled… pic.twitter.com/KnjPUV5Dvz
— yPredict.ai (@yPredict_ai) December 28, 2023
Moreover, as an investor, when you stake your tokens, you will receive an impressive quarterly staking reward of 45%. This significantly exceeds the typical annual percentage yields in the industry, which usually range between 5-10%.
In one of his videos, Jacob Bury, a renowned crypto analyst and influencer, features yPredict as an AI token with the substantial potential to achieve a 10X increase upon launch.
To participate in the presale and buy YPRED tokens, visit the official yPredict website. Connect your wallet to swap your ETH or MATIC for YPRED tokens.
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