Ethereum

Bitcoin

Foundation

Ethereum Classic

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-plummets-as-ethereum-braces-for-major-network-update" rel="noopener noreferrer nofollow">Bitcoin Plummets as Ethereum Braces for Major Network Update</a><br></p>
<p style="text-align: justify">The <a href="https://en.bitcoinhaber.net/us-treasury-under-fire-for-delayed-response-to-crypto-terrorism-myths" rel="noopener noreferrer nofollow">cryptocurrency</a> market is enduring a steep decline, specifically impacting <a href="https://en.bitcoinhaber.net/bitcoin-mining-behemoths-expand-holdings-as-sell-offs-subside" rel="noopener noreferrer nofollow">Bitcoin</a> and <a href="https://en.bitcoinhaber.net/expert-crypto-analyst-credibull-presents-new-optimistic-ethereum-forecasts" rel="noopener noreferrer nofollow">Ethereum</a>. Bitcoin’s price has recently dipped below a critical threshold, raising concerns over a potential chain reaction of selling pressure among other cryptocurrencies. Ethereum, on the other hand, is on the cusp of a significant network upgrade that could alter its transaction fee structure and increase network activity.</p>
<h2 id="ethereum-s-imminent-network-upgrade">Ethereum’s Imminent Network Upgrade</h2>
<p style="text-align: justify">Ethereum is set to implement a substantial update, dubbed ‘Dencun’, within the next 15 hours. While not as technically demanding as its previous shift to Proof of Stake (PoS), this upgrade is expected to have a crucial effect on the network’s transaction costs and overall activity levels. The recent Merge, which transitioned Ethereum to PoS, resulted in a deflationary tokenomics model. Now, the Dencun update might reduce fees further and potentially enhance the network’s attractiveness.</p>
<p style="text-align: justify">Bitcoin’s current value is wavering around $70,700, a concerning sign given the imminent Ethereum update. Should Bitcoin’s price have been above $72,000 during Dencun’s activation, Ethereum’s price might have seen a boost, favorably affecting the tokens of Ethereum layer2 solutions.</p>
<p style="text-align: justify">Ethereum’s bulls are currently defending the $3,830 level, but a drop below the $4,000 mark might dampen their spirits. If Bitcoin sustains above the $71,500 to $72,000 bracket, Ethereum could aim for a new high at $4,090. A consistent closure above this figure would indicate strong market confidence in achieving new peaks. On the contrary, if Ethereum’s price slips below $3,830, it may tumble towards the $3,500 support level.</p>
<h2 id="understanding-ethereum-s-ownership-and-decentralization">Understanding Ethereum’s Ownership and Decentralization</h2>
<p style="text-align: justify">The Ethereum network operates as a decentralized entity, with the Ethereum Foundation contributing to its open-source development. While Vitalik Buterin is a well-known co-founder, he does not ‘own’ Ethereum. The network’s decentralization signifies that it lacks a singular owner, and its continuity is ensured by the operation of individual stake nodes.</p>
<h2 id="ethereum-classic-faces-market-instability">Ethereum Classic Faces Market Instability</h2>
<p style="text-align: justify">Ethereum Classic’s price stands at $36.2, with observable sell-offs influenced by Bitcoin’s price fluctuations. A continued decrease in Bitcoin’s price could push Ethereum Classic down towards a $26 support level, and in the scenario of a severe market downturn, a drop to $18.5 is conceivable.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-plummets-as-ethereum-braces-for-major-network-update" rel="noopener noreferrer nofollow">Bitcoin Plummets as Ethereum Braces for Major Network Update</a></h5>

Bitcoin Plummets as Ethereum Braces for Major Network Update

Table of Contents

BH NEWS

Other articles published on Mar 12, 2024

Thailand Gives Green Light to Spot Bitcoin ETFs!

BNB's Price Increased More Than 4% Within 24 hours

Ripple Explore Immense Potential in Unlocking Liquidity in the Tokenized Economy

Spot Bitcoin ETFs Achieve “Unexpected” Success, Surpassing Expectations in Just Two Months

Shiba Inu (SHIB) Bears in Action as Price Slips 19%

NFT Marketplace Bybit & Oracle Red Bull Racing Launch Their Velocity Series For 2024

Join our free newsletter for daily crypto updates!