Ethereum price analysis: ETH/USD creeping higher as Vitalik Buterin proposes the way to stabilize gas prices
|- Ethereum gained 2.5% and returned above long-term trendline.
- Ethereum's creator seeks a solution for growing gas prices.
Ethereum, the seconds largest coin by market value, is changing hands at $470 after peaking at $487 on Monday. Ethereum's market value is $47.6B with average daily trading volume registered at $1.6B
ETH/USD stays above the long-term sloping trend line (currently at $461.5), which is a promising signal. While the upside momentum is waning on approach to psychological $500 handle, the bulls may attempt another breakthrough, provided that the sentiments on global cryptocurrency market stay positive.
Continually growing gas prices has been plaguing Ethereum this summer. The push the transaction costs higher, creating difficulties both for users and miners. Now ETH users may specify the amount of gas they are willing to pay for a particular transaction. But they do not have incentives to set the price higher than the average, which means that transaction may fail. Vitalik Buterin, the Ethereum creator, offered a solution.
"One proposal for improving stability and user-friendliness of gas price markets: Not dependent on Casper, sharding or abstraction; if well reviewed and people agree it's a significant improvement, it could technically be implemented as a change to mainnet," he wrote in his Twitter account.
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