Ethereum Improvement Proposal EIP-4844 turns experts bullish, will ETH price rally?


  • Ethereum network’s upcoming Shapella upgrade, also popular as Shanghai has experts in the community excited for ETH. 
  • The Shanghai hard fork aims to reduce transaction costs and unlock new applications through Ethereum Improvement Proposal 4844. 
  • Ethereum price hit an eight-month high as anticipation builds around the April 12 upgrade. 

Ethereum blockchain’s upcoming Shanghai hard fork has a key Ethereum Improvement Proposal 4844 (EIP-4844). Experts in the crypto community are focused on the implementation of the upgrade that reduces transaction cost on the ETH blockchain. 

Also read: Layer 1 coins Ethereum, Cardano and DOT make massive moves, riding on alt season gains?

Ethereum’s EIP-4844 could reduce transaction costs for users

Ethereum blockchain’s EIP-4844 is one of the upgrades bundled in the Ethereum Shanghai hard fork, also known as Shapella upgrade. This Ethereum Improvement Proposal has the potential to tackle one of the long-standing challenges of the ETH blockchain. The proposal could reduce the transaction cost for users. 

EIP-4844 is known as proto-danksharding and this upgrade intends to reduce fees and increase the throughput of transactions on the ETH blockchain. It intends to achieve these two objectives by introducing a new transaction type. 

Expert commentary on Ethereum’s EIP-4844

Anthony Pompliano, a crypto expert and influencer and Bitwise CIO Matt Hougan expressed their excitement for the upgrade, arguing that it could emerge as a “game changer” for the Ethereum blockchain. With the rollout of NFT projects on the Ethereum blockchain there has been a spike in activity and increase in transaction fees. This makes EIP-4844 one of the key upgrades for the Ethereum blockchain and its users. 

Ethereum price recently hit an eight month peak, climbing above the $1,900 level. As the anticipation surrounding the April 12 upgrade spreads there is a spike in bullish sentiment among holders. 

Analysts believe Ethereum price is building up for a squeeze. With a large volume of shorts opening up in ETH, funding is negative while price of the altcoin grinds against resistance. @JJCycles, a crypto analyst on Twitter shared his bullish thesis on Ethereum. 

The expert believes Ethereum price is set up for a rally in the short-term. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Ripple's XRP breaks out of downtrend as RLUSD receives greenlight from New York regulators

Ripple's XRP breaks out of downtrend as RLUSD receives greenlight from New York regulators

Ripple's CEO Brad Garlinghouse announced on Tuesday that the company received a green light from the New York Department of Financial Services on the launch of its stablecoin RLUSD. 

More Ripple News
Could Google's supercomputer crack Bitcoin? Crypto community maintains positive outlook

Could Google's supercomputer crack Bitcoin? Crypto community maintains positive outlook

Bitcoin faced mixed sentiments on Tuesday after crypto community members spoke on the potential of Google's new quantum chip Willow's ability to crack blockchain networks and render the security of public key cryptography useless.

More Bitcoin News
Crypto Today: Microsoft Rejects Bitcoin Reserve Plan, as Cardano, XRP Lead Market Rebound

Crypto Today: Microsoft Rejects Bitcoin Reserve Plan, as Cardano, XRP Lead Market Rebound

Amid an escalating geopolitical crisis, the global crypto market crash on Monday saw over $1.5 billion worth of liquidations, triggering double-digit losses across top-ranked digital assets.

More Cryptocurrencies News
Litecoin Price Prediction: LTC to hold $100 support as traders deploy $10M of leverage

Litecoin Price Prediction: LTC to hold $100 support as traders deploy $10M of leverage

Litecoin price broke below the $110 level on Tuesday, down 20% in a frenetic 24 hours as rising geopolitical risks triggered volatility across global crypto markets.

More Litecoin News
Bitcoin: Long-awaited $100K milestone meets profit taking

Bitcoin: Long-awaited $100K milestone meets profit taking

Bitcoin ends the working week hovering around $98,000 after a very volatile Thursday when it surpassed the $100K milestone and underwent a sharp correction. Strong institutional demand, whale accumulation, and the choice of a pro-crypto figure to lead the US SEC fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP