Ethereum
ETHUSD is gaining actively on the day after an Ethereum Efficiency Proposal brought to the Ethereum community by Vitalik Buterin and Eric Connor, seemed to be gaining significant traction.
The proposal aims to replace the current fee structure (where fees change according to the urgency of confirmation) with a dual fee structure. This fee structure will see miners being paid a base fee while a premium fee set by the user will be burned.
The concept is to eliminate situations where miners try to manipulate the fee system to get higher fees for confirming transactions. The base fees will still fluctuate based on the urgency of transactions, but can no longer be influenced by miners. Instead, the users can change fees by setting the premium fee, which ends up being burned and does not get to the miners.
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The efficiency proposal could make ETH tokens more valuable, according to experts on tokenomics. This seems to have changed the game for the ETHUSD pair, which had a tough time in 2019. ETHUSD is already more than 1% higher on the day, after gaining close to 8.5% in yesterday’s trading session.
The continuation of today’s upside could allow Ethereum to test the resistance at $232.52, with 221.11 standing in the way of this move. A break above 232.52 could open the door towards 239.45, and quite possibly 254.04, which many analysts have said could be a reasonable upside target price for the pair.
On the flip side, failure to breach 232.52 could allow for a retest of 221.11 and possibly 192.61. The multi-month support at 180.75 could come into the picture if any possible correction continues.