Ethereum Developers Release Updates to Resolve Beacon Chain Finality Issues
Developers of Ethereum have released software updates to address the recent finality issues that affected Ethereum's beacon chain and restore stability to the network. The patches have been made available for Ethereum clients Prysm and Teku, enabling them to update their systems. Although the end users of Ethereum did not experience any transaction issues, the full cause for the finality issues is still being investigated. The timely response from the Ethereum community is a good sign for the blockchain's development, but the finality issues are a reminder that Ethereum's beacon chain is still a work in progress.
Ethereum Price Consolidation Weakens as Bulls Lose Momentum, Technical Analysis Indicates Bearish Pressure
The Ethereum price has experienced a 4% loss in the last 24 hours and a 7% decline on the weekly chart due to weakened bullish momentum. Technical analysis suggests significant bearish pressure, with the coin's value remaining stagnant at around $1,800.
Number of Ethereum Locked in Liquid Staking Derivatives Nears 9 Million
The total value locked (TVL) in liquid staking derivatives has increased by 441,110 ether, equivalent to $793 million, in less than two weeks. Lido Finance dominates the market with 74.35% of the TVL, while Rocket Pool and Frax Ether have recorded double-digit gains in the past 30 days.
Lido's Ethereum Upgrade Vote Aims for More Decentralization, Better Staking Access
Lido, the leading liquid staking platform, is set to implement its second iteration on the Ethereum blockchain, which is a significant moment for the DeFi community seeking greater decentralization and improved access to Ethereum's staking ecosystem. The upgrade, referred to as v2, will focus on ETH staking withdrawals and the introduction of a "Staking Router" to encourage more diverse node operators to participate. Lido is currently the largest liquid staking platform in the DeFi space, with $11.77 billion in total value locked across the Ethereum ecosystem. If the vote passes on May 15, Lido's smart contracts will upgrade and v2 will go live.
Ethereum Network Suffers Technical Snag, Transaction Finality Delays for an Hour
The Ethereum network experienced another technical issue on Friday, which caused transaction finality to be delayed for an hour. This event raised concerns about the network's stability, especially since a similar issue occurred less than 24 hours earlier. Validators proposing attestations were affected, resulting in a significant reduction in the number of attestations received during Ethereum epochs 200,750 thru 200,758. While transactions continued, they were not finalized, increasing the chance of transactions being reverted. However, Prysmatic Labs co-founder Preston van Loon clarified that the entire protocol did not fail and that improvements are being made to address the issue.
Ethereum Blockchain Faces Second Outage in 24 Hours, Raising Security Concerns for Users
On Friday, the Ethereum blockchain experienced a technical issue that caused it to stop finalizing blocks for over an hour, which is the second time in the past 24 hours. The cause of the incident is unknown, but it raised concerns about security for users of the second-largest blockchain by market capitalization. When blocks are not being finalized, pending transactions may be re-ordered or dropped from the network. Although the network had resumed finalizing blocks at press time, some services built on top of Ethereum had to modify their operations due to the lack of finality.
Ethereum Network Experiences Temporary Transaction Processing Issue
On May 11, 2023, Ethereum experienced transaction processing issues for approximately 25 minutes, causing transaction finality issues.
Ethereum (ETH) Value Drops As Market Volatility Persists
Ethereum, the second-largest cryptocurrency by market capitalization, has been experiencing volatility in recent days, dropping below the $1,800 level on multiple occasions. The cryptocurrency market as a whole has been facing uncertainty, with investors questioning the sustainability of the recent bull run. Despite these challenges, Ethereum remains a key player in the cryptocurrency ecosystem, with many investors remaining bullish on its long-term prospects. The current support level of $1,800 is critical in determining Ethereum's price trajectory, with the possibility of further declines if the bears continue to dominate the market. Investors should exercise caution when making investment decisions as short-term price movements are subject to a range of factors that could impact its value in the near term.
Ethereum Price Drops Below $1,800 Support Level, Potential Further Decline to $1,650.
The price of Ethereum has fallen below the $1,800 support level against the US Dollar and may continue to decline towards the $1,650 support level. Despite attempting to recover above the $1,850 resistance zone, Ethereum remains in a bearish trend and is trading below the 100-hourly Simple Moving Average. A major bearish trend line is forming with resistance near $1,800 on the hourly chart of ETH/USD. If Ethereum fails to clear the $1,830 resistance level, it could continue to move down towards the $1,650 support zone.
Bitcoin Price Falls Below Key 200-Weekly Moving Average, Triggering Massive Sell-Off in Crypto Market
The Bitcoin price has dropped below the key 200-weekly moving average (WMA) level, leading to a significant sell-off in the broader crypto market. In the last 24 hours, BTC price has fallen by over 5%, briefly dropping below $26,100. Ethereum (ETH) price has also fallen by over 5%, dropping below $1750, resulting in a freefall in the crypto market as the selloff intensifies.
