Ethereum Update: ETH Price Action, EIP-1559, DEXs and Layer 2 Solutions, NFTs

Sunday 07 March 2021, 8:45 PM AEST - 1 month ago

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This article provides an update (as of 09:00 UTC on March 7) on some of the currently most popular topics in the Ethereum community.

Ethereum Price Action

Data from TradingView tells us that, on crypto exchange Bitstamp, the Ethereum price reached $1696.25 at 08:07 UTC.

One-Day ETH-USD Chart (Bitstamp) by TradingView

In a video published on YouTube earlier today, crypto analyst Lark Davis said that Ethereum is breaking out of an inverse head and shoulders pattern, which suggest that in coming days we could see Ethereum blasting toward the $2000 level (the current all-time high on Bitstamp is $2040.62, which was reached on February 20).

What Davis would like to see is a close above $1715. He would also like to see higher volumes during the current rally. However, overall, Davis says that the charts on Ethereum are looking very bullish right now.

The Ethereum price is up 6.66% in the past 24-hour period and up 130.12% in the year-to-date period.

Angel investor Qiao Wang, a former Director of Products at Messari, said last Thursday (March 4) that ETH is the most under-owned liquid asset in crypto right now.

Ethereum Transaction Fee Reduction

EIP-1559 is a fee market change for the current ETH 1.0 blockchain. More specifically, it introduces a transaction pricing mechanism that includes fixed-per-block network fee that is burned and dynamically expands/contracts block sizes to deal with transient congestion. This enhancement was proposed on 13 April 2019 by Vitalik Buterin (@vbuterin), Eric Conner (@econoar), Rick Dudley (@AFDudley), Matthew Slipper (@mslipper), Ian Norden (@i-norden), and Abdelhamid Bakhta (@abdelhamidbakhta).

The following is a summary of how it is designed to work:

There is a base fee per gas in protocol, which can move up or down each block according to a formula which is a function of g ...

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