- 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 $1,900 level. As the anticipation surrounding the April 12 upgrade spreads there is a spike in bullish sentiment among holders.
Analysts believe Ethereum price is building up for a squeeze. With a large volume of shorts opening up in ETH, funding is negative while price of the altcoin grinds against resistance. @JJCycles, a crypto analyst on Twitter shared his bullish thesis on Ethereum.
Beras gonna be slapped in the face today.
— ALTBTC (@JJcycles) April 4, 2023
Pretty significant portion of shorts just came in, OI up bigly, funding negative while price grinds against resistance.
Building up for a squeeze here.$ETH pic.twitter.com/Nupaj64orx
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
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.