CandleFocus Ethereum proposal to boost transaction speed and help DEXs save $100M sparks enthusiasm in community
2024-10-08
Author: Content Editor
Ethereum (ETH) has seen a slight increase of 0.1% following the appearance of a Doji candle, which suggests a potential reversal in price trend. This comes after the introduction of Ethereum Improvement Proposal EIP-7781, which aims to boost the network's speed by reducing slot time from 12 seconds to 8 seconds, increasing throughput by 33%. The proposal has received support from key members of the crypto community, including Ethereum researcher Justin Drake. While concerns have been raised about potential hardware requirements, the proposal could achieve its benefits without increasing peak bandwidth. EIP-7781 will undergo the governance voting process before implementation. In other news, Ethereum ETFs saw a net outflow of $29 million, and ETH is currently trading around $2,450. The cryptocurrency has sustained liquidations worth nearly $57 million in the past 24 hours. The presence of a Doji candle on the 4-hour chart suggests a potential trend reversal, with a brief decline toward support at $2,395 possible. A daily close below this level would invalidate the bearish thesis.
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