Ethereum Remains Bullish Above $4,000, As Vitalik Buterin Announces the Endgame

Ethereum 2.0 in the Process of Fully Implementing

Ethereum is making progress toward the full implementation of Ethereum 2.0.  This will be one of the most important upgrades in the crypto market. With this upgrade, the Ethereum network will make the shift from the “proof of work” (POW) which requires a lot of energy, to the proof of stake (POS). This will help make transaction fees cheaper while increasing scalability in the network, which have been two main issues to plague Ethereum.

Now Ethereum has to complete two major stages to fully implement Ethereum 2.0. First is “The Merge” which will happen when the Ethereum mainnet finally “merges” with the Beacon Chain. This will be the end of POW and the beginning of POS. Second, are the “Shard Chains” into the network. This will help  Ethereum be more scalable, as it expands the capacity to process more transactions and store more data. Although this will be carried out in different stages and more features are expected to be added over time.

Endgame Roadmap Announced by Vitalik Buterin

Now, Ethereum founder Vitalik Buterin announced the Endgame, which is a roadmap to make the network censorship-resistant. Large block sizes from bottlenecks can only accommodate a limited number of nodes at a period of time. Buterin announced that they will take steps to tackle this problem.

A first step would be adding a second tier of staking, which would require lower resources to do distributed block validations, by separating transactions into buckets of 100. Introducing ZK-SNARKs as fraud proofs will allow users to check blocks for a cheap fee. Next comes the option for users to check block availability by introducing data availability options. The addition of secondary transaction channels will also help prevent censorship on the network.

Ethereum Technical Analysis – Daily Chart

Ethereum trades in the bullish zone above $4,000

Ethereum still remains bullish, despite the bearish mode in the crypto market. It turned quite bullish in October and during early November, getting really close to the $5,000 level, which is another major milestone for Ethereum. The $4,000 level turned into a support zone in November and it still continues to hold. It got pierced during the crash last week, but the price closed above that moving average, so there was no break. Above $4,000 ETH/USD remains bullish and I think that Ethereum will break above $5,000 this month before 2021 ends.

ETH/USD