Ethereum's (ETH) price took a slight dip on Friday following the general stagnancy in the crypto market. While ETH's price movement has been slow in the past week, its long-term future could prove interesting as Ethereum developers approved that EIP-3074 be included in the upcoming Pectra hard fork.
Also read: Ethereum price recovers slightly as whales begin accumulation spree
Ethereum saw a slight activity boost on Friday following recent developments within its ecosystem. Here are your key market movers:
The next big thing in Ethereum to look forward to is EIP-3074.
— RYAN SΞAN ADAMS - rsa.eth (@RyanSAdams) April 12, 2024
It gives your existing ETH wallet new superpowers:
- no extra click approvals
- no gas fees (someone else pays)
- wallet recovery
Smooooth wallet UX - the venmo experience.
When?
Next Ethereum hardfork.
Read more: Ethereum extends correction as Van Eck CEO dampens chances of spot ETH ETF approval
Ethereum long traders saw another day of high liquidations as its price slightly dipped to $3,448 on Friday. ETH liquidations reached $26.9 million in the past 24 hours with liquidated long positions accounting for $21 million.
As earlier predicted, the continued horizontal price movement shows traders are exercising caution following increased doubts about a spot Ethereum ETF approval by the SEC. The sideways movement will likely continue until key events like the Bitcoin halving.
Also read: Ethereum could be set for growth as Vitalik Butein shares update on its future
If the bullish expectations fueled by the halving are eventually reflected in price, ETH could break past the $3,730 resistance of April 8.
ETH/USDT 4-hour chart
However, if it doesn't, the sideways movement may continue, and ETH may tag $3,405. A bearish trend would likely break out if bears prevail and ETH breaks key support levels of $3,210 and $3,056, seen recently.
Ethereum is trading at $3,446, down 1.4% at the time of writing.
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.