Ethereum Price Analysis – May 31

  • Ethereum is still holding above the $550 price level.
  • Traders may wish to initiate long trades at any support level above $ 550.

Ethereum, ETHUSD, CryptoCompare chart

ETHUSD Medium-term Trend: Bullish

Resistance: $585, $580, $575

Support: $555, $560, $565

Yesterday, 30 May, the ETHUSD pair was in a bullish market. Ethereum had established itself above the $550 price level. Meanwhile, the MACD line and the signal line were above the zero line, indicating a buy signal. Also, the price was above the 12-day and 26-day EMA indicating that the bullish trend was ongoing. Ethereum is currently trading at $569.10 at the time of writing.

Nevertheless, today, the Ethereum price is sustained above $550. The asset price is fluctuating between $550 and $600 since 29 May. Meanwhile, the MACD line and the signal line are above the zero line, indicating a buy signal. The Ethereum peice is above the 12-day and the 26-day EMA, indicating that the bullish trend is ongoing.

However, since the asset price has been sustained above the $550, traders should initiate long orders above that level.

ETHUSD Short-term trend: Bullish

Ethereum, ETHUSD, CryptoCompare chart

The daily chart shows that Ethereum is in a bullish market although the MACD line and the signal line are below the zero line, indicating a sell signal. The asset may reach $600 if the resistance level at $570 is broken.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

SNARKs on SNARKs, ‘A Simple Version of Zcash’ to Speed Up Ethereum

Colin Muller

Ethereum (ETH) founder Vitalik Buterin has recently revealed during a talk his concept of “ZK ZK Rollups,” a new method of using zero-knowledge proofs to significantly increase transaction and computational power on the Ethereum network.

This method functions by splitting the two distinct tasks of data storage and “state execution engine,” by “moving the computation [of validating transactions] off-chain.”

Vitalik on ZK ZK Rollups(source: Youtube.com)

Vitalik’s ZK ZK Rollup concept represents the next iteration of potential zk-SNARKs usage on Ethereum, which the founder has been talking about for months. ZK ZK Rollup builds on the previous “ZK Rollup” concept (just one “ZK”), and Vitalik commented during the talk that his method “[would be] like, basically a simple version of Zcash” operating within a future version of Ethereum.

Here what we're doing is, we're not requiring the chain to verify a SNARK for every transaction. We're not even putting the SNARK on-chain. Instead we're putting one single SNARK - where one single SNARK verifies that for every transaction that gets included, there is a SNARK attached.

Vitalik Buterin

zk-SNARKs were originally developed for the Zcash privacy coin, and are a way cryptographically prove the posession of some data or information, without revealing or showing the data itself.

Let’s Talk Numbers

Within Ethereum’s current archetecture, Vitalik stated that Rollups could increase transactions-per-second by a factor of the 30.

While this is already an impressive figure, the real magic could come when Rollup methods are applied to Ethereum 2.0 architecture - whenever it arrives.

When applied to a future, sharding-capable version of Ethereum, Vitalik stated that “about 27,000 privacy transactions a second” would be possible using ZK ZK Rollups; and he added that “if we don’t care about privacy, we can increase that by probably another factor of ten.”

CryptoGlobe reported today on the Ethereum community’s decision to move proof-of-work mining on the network to the ProgPoW, or Progressive Proof-of-Work hashing algorithm, in an attempt to keep Application-Specific Integrated-Circuit (ASIC) mining off the network. The use of ProgPoW has been a contentious issue in the community for months, with critics charging that it tries to solve “non-existent problems.”