Ethereum

Evan

Resistance

Story

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<p dir="ltr"><a href="https://u.today/dormant-ethereum-eth-whale-reawakens-to-spark-sell-off-fears">Ethereum's</a> circulating supply has dipped below a critical threshold initially set forth in EIP-960. This milestone marks a pivotal moment in Ethereum's history, as the supply of ETH has now gone under the proposed (but rejected) hard cap suggested by Ethereum's cofounder Vitalik Buterin.</p>
<h2 dir="ltr" id="story-behind-eip960">Story behind EIP960</h2>
<p dir="ltr">EIP960 was a proposal made by Buterin in 2018, which recommended setting a hard cap of 120,204,432 ETH on Ethereum's supply to ensure the economic sustainability of the platform under a variety of circumstances. The rationale was to create a predictable monetary policy akin to Bitcoin’s, instilling a sense of scarcity and potentially driving value. However, the Ethereum community did not adopt this proposal, preferring to maintain a flexible supply policy that adjusts with the network's needs.</p>
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 <p lang="en" dir="ltr">The supply of ETH has just gone under the (rejected) hard cap that Vitalik proposed in EIP960 <a href="https://t.co/IhNdEUj4Uq">https://t.co/IhNdEUj4Uq</a> <a href="https://t.co/ULuWDhZE9l">pic.twitter.com/ULuWDhZE9l</a></p>— Evan Van Ness 🧉 (@evan_van_ness) <a href="https://twitter.com/evan_van_ness/status/1735462244136189953?ref_src=twsrc%5Etfw">December 15, 2023</a>
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<p dir="ltr">The fact that Ethereum's supply has now fallen below this cap is an inadvertent nod to Buterin's vision of scarcity. It is a byproduct of Ethereum's transition to a proof-of-stake (PoS) consensus mechanism and the implementation of EIP-1559, which introduced a mechanism for burning transaction fees, thereby reducing the overall supply.</p>
<h2 dir="ltr" id="ether-s-price-endeavors">Ether's price endeavors</h2>
<p dir="ltr">Turning to the <a href="https://u.today/ethereum-eth-price-reversal-you-dont-want-to-miss-it">Ethereum</a> price chart, there is a visual representation of Ethereum's recent market performance. The chart showcases a price trend with the following key observations:</p>
<p dir="ltr">Moving averages: The chart indicates that the price of <a href="https://u.today/heres-cryptocurrency-that-can-beat-ethereum-eth-solana-sol-and-market-today">ETH</a> is currently above several moving averages, suggesting a bullish trend. The 50-day moving average (MA) appears to be above the 100-day and 200-day MAs, which is often interpreted as a positive sign.</p>
<p dir="ltr">Volume: There has been notable trading volume, which can signify strong market interest and support continued price movements.</p>
<p dir="ltr">Resistance and support levels: The price seems to have faced resistance at the higher levels but has found support at the lower end, indicating a potential consolidation phase.</p>
<p dir="ltr">Technical indicators: Indicators like the Relative Strength Index (RSI) may provide insights into whether ETH is currently overbought or oversold. The RSI appears to be in a moderate range, not indicating any immediate pressure toward either buying or selling extremes.</p>

Ethereum (ETH) Reaches Enormous Milestone Everyone Missed

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