Ethereum
Ethereum’s Beacon Network Signs a 7-Block Chain Organization
On May 25, seven blocks were reorganized on Ethereum’s Beacon chain at 8: 55: 23 a.m. (UTC) at block height 3,887,075 all the way to block 3,887,081. The reorganization was discovered by Martin Koppelmann who noted the “current attestation strategy of nodes should be reconsidered to hopefully result in a more stable chain.”
Ethereum’s Beacon Chain Reorgs
While all eyes were focused on Ethereum’s imminent transition to proof of stake (PoS), via The Merge, developments surrounding the transition have been intense. However, Ethereum’s Beacon Chain, which will be critical to the transition, underwent a seven-block-deep reorganization.
A blockchain reorganization is also known as a “reorg”. Nodes are given blocks from new chains while nodes have access to the old ones. In the case of Ethereum’s Beacon chain, the reorganization occurred at block height 3,887,075 to block 3,887,081.
Martin Koppelmann, the co-founder of Gnosis, noticed the event and tweeted about it on social media. “The Ethereum beacon chain experienced a 7-block deep reorg –2.5h ago,” Koppelmann said. Koppelmann stated.
This, unfortunately, shows that the analysis by [Georgios Konstantopoulos] and [Vitalik Buterin] here was too optimistic when the article claimed reorg stability will improve in PoS over PoW. In years past, we haven’t seen 7 block-reorgs on Ethereum mainnet. At this stage it is not clear if the reorg that we saw was due to an attack or simply unfortunate network conditions.
Vitalik Buterin: ‘Truth-Seeking Is More Important Than Not Giving the Wrong People Rhetorical Ammunition’
After talking about the issue on Twitter, Koppelmann remarked that some of the attention his tweet garnered, specifically from Ethereum detractors, made him regret tweeting about it. Koppelmann stated that he believes it is a strength for the Ethereum community to discuss all issues openly and focus more energy on finding a solution than on defending an issue.
Vitalik Buterin,
Ethereum co-founder, responded to Koppelmann’s regret comments. He told the Gnosis cofounder not to be regretful. “Truth-seeking is more important than ‘not giving the wrong people rhetorical ammunition’ or whatever,” Buterin said. One person responded to Buterin’s statement, “As long truth-seeking results from action and not just comment,”
The Ethereum co-founder replied: “In this case, client teams have been scrambling to understand the situation so they can figure out what to fix for the last couple of hours — Already some good hypotheses.” Buterin’s reply was tethered to a tweet written by Ethereum developer Preston Vanloon who gave his opinion about the reorg situation. Vanloon said:
We suspect this is caused by the implementation of Proposer Boost fork choice has not fully rolled out to the network. This is not a sign of a poor fork choice but rather a non-trivial separation of out-of-date client software.
Ethereum’s reorganization of blockchain follows Vanloon’s statement that The Merge could be implemented by August. However, Buterin was quick to follow up his statement by saying there’s always a “risk of problems” and “delays.” He then said that September and October could be possible as well.
This story contains tags
Block reorganization, Blockchain Reorganization, Chain Reorganization, commentary, Ethereum, Ethereum Co-Founder, Ethereum detractors, Gnosis co-founder, Martin Koppelmann, non-trivial segmentation, PoS, PoW, Preston Vanloon, Proof of Work, Proof-of-Stake, Proposer Boost fork, Reorg, reorganization, The Merge, Vitalik Buterin
What do you think about Ethereum’s recent seven-block deep reorganization? 1529459296668471297
What do you think of Ethereum’s recent seven-block deep reorganization?
Jamie Redman
Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.
Ethereum
Ethereum Price Analysis: What’s Ahead for ETH After a 9% Weekly Dip?
Ethereum currently rests at a notable support region near $3.2K, with market participants closely observing the potential for a bullish rebound.
The Funding Rates metric offers valuable insights into the sentiment within the perpetual futures markets, helping to gauge the likelihood of a recovery.
Technical Analysis
By Shayan
The Daily Chart
Ethereum has seen consistent declines following its rejection at the $4K resistance level, indicating the dominance of sellers. Most recently, another sharp decline pushed the price toward a substantial support zone, defined by the 100-day moving average of $3.1K.
This dynamic support is critical as demand concentration near this region is expected to curb downward momentum, with a bullish rebound being plausible if buying interest emerges.
Currently, ETH is trapped between the 100-day MA ($3.1K) and the $3.5K resistance level, forming a tight consolidation range. A decisive move in either direction will likely determine the mid-term trend.
The 4-Hour Chart
On the 4-hour timeframe, Ethereum broke down from an ascending wedge pattern, a bearish structure that typically signals further declines. This breakdown triggered a swift sell-off, pushing the price toward a support zone defined by the 0.5-0.618 Fibonacci retracement levels.
This support zone has the potential to stabilize the price and possibly initiate a short-term bullish rebound. However, persistent bearish pressure could result in a break below this line, intensifying the downtrend.
If Ethereum breaches this critical support zone, it may trigger panic selling, further strengthening sellers’ dominance. Conversely, a sustained rebound could pave the way for a recovery toward the $3.5K resistance level.
Onchain Analysis
By Shayan
Examining the chart, the recent market correction has coincided with a significant decline in funding rates. This shift suggests growing bearish sentiment among speculators, with many traders betting on further decreases in ETH’s price.
However, upon reaching the substantial support zone at $3K, the Funding Rates metric has started to show signs of recovery. A notable bullish spike in the metric suggests an influx of buying interest as market participants begin to open long positions in anticipation of a price rebound.
If this recovery in funding rates continues, it could indicate sustained demand and the potential for a bullish rebound from the $3K support. On the other hand, if the current recovery loses momentum or reverses, it would signal a return to bearish sentiment, paving the way for a deeper correction.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Ethereum
Bitcoin Price Stalls at $94K, Ethereum Struggles to Maintain $3.2K (Weekend Watch)
Bitcoin’s volatile end of the week resulted in a price drop toward $91,000 and a subsequent surge to $96,000 before the asset calmed roughly in the middle.
The altcoins continue to struggle as SOL, ADA, and AVAX have charted 4% daily declines.
BTC Calms at $94K
It was nothing short of a volatile rollercoaster of a week for the primary cryptocurrency. It all started quite promising after the most recent MicroStrategy purchase on Monday, as the asset flew past $100,000 for the first time this year and kept climbing on Tuesday morning to over $102,000.
However, that’s when the landscape changed, and BTC slumped hard later that day, and on Wednesday, it slumped to $96,000. Although that was a painful correction on its own, bitcoin kept plunging in the following days to $91,200 (on Bitstamp) on Thursday, which became its lowest price tag in over a month.
The bulls managed to intervene at this point and pushed BTC north. More volatility ensued with several big moves that eventually pushed the asset to $96,000. However, it failed there and has lost almost two grand since then to trade at $94,000 as of now.
Its market cap has risen to just under $1.870 trillion on CG, while its dominance over the alts is up to 54.5%.
ADA, SOL Struggle
Most altcoins are in the red today as well. Ethereum slipped below $3,200 on Thursday, and even though it managed to recover some ground since that low is close to breaking below it now after a 2.3% daily decline. XRP is among the few alts with minor gains today.
In contrast, SOL, ADA, SUI, AVAX, and LINK continue to lose value, with losses of up to 4%. SOL is well below $190 now, while ADA is just over $0.9. More painful losses come from OM, ICP, and RNDR from the larger cap alts.
The total crypto market cap has lost some steam since yesterday and is down to $3.43 trillion on CG.
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Ethereum
Weekly Bitcoin, Ethereum ETF Insights: The Highs, Lows, and Key Takeaways
-
Bitcoin3 years agoDigital Currency Group wraps up $600 million debt capital raise
-
NFT3 years agoDRepublic launches a combined NFT platform, ‘MetaCore’ Using EIP-364
-
Bitcoin3 years agoSalvadoran Ecologist Claims Nayib Bukele’s Volcano-Powered Bitcoin Mine Will End in Environmental Disaster’
-
Bitcoin3 years agoWhere to buy Dogelon Mars after falling 15% on Thursday
-
Bitcoin3 years agoAre you a Star Atlas fan?
-
Bitcoin3 years agoAstra Protocol provides identity protection for The Sandbox users
-
Bitcoin3 years agoIndian Government Answers Questions about Bitcoin Transactions, Karnataka Scam and Legality of Crypto Trading
-
Ethereum3 years agoEthereum prices skyrocket but Ether Gas Fees surge, fueling costly transfers