Bitcoin Security Budget Debate Sparks Discussion
- Bitcoin Security Budget Debate: Michael McGuiness expressed concerns about Bitcoin's security budget on the Bankless podcast, stating that the halving of block subsidies every four years could significantly reduce miner revenues, potentially jeopardizing network security as he shifted his preference to Ethereum.
- Transaction Fees and Security: Bitcoin researcher Pierre Rochard emphasized that transaction fees are crucial for ensuring transaction finality, not the newly issued Bitcoin, arguing that the current fee structure, which constitutes less than 1% of miner revenue, raises doubts about network security.
- Market-Driven Fee Mechanism: Rochard highlighted that the rise in transaction fees is a market-driven process, where increased demand leads to higher fees without central planning, indicating that the Bitcoin network remains healthy under low-pressure conditions.
- Surge in Miner Revenue Example: In mid-2023, the popularity of BRC-20 tokens and Ordinals led to a 15-fold increase in miner fee revenue, demonstrating that network activity can autonomously drive fees higher, and as Bitcoin's role in the global financial system expands, transaction fees are expected to rise accordingly.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1788.95 | 1899.125 | 2011.16 | 2121.335 | 2233.37 | 2343.545 | 2455.58 |
| Fibonacci | 1899.125 | 1984.009 | 2036.451 | 2121.335 | 2206.219 | 2258.661 | 2343.545 |
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