Crypto Industry News:
Vitalik Buterin, co-founder of Ethereum, announced that he does not stack all of his ETH, but only a small part. This is due to the need to use multisig wallets, which are complicated to configure.
This response caused consternation and surprise. Ethereum went Proof-of-Stake in 2022. So it would seem that the creator of ETH will use this form of storing his cryptocurrencies.
Stacking is the process of freezing funds in a wallet or exchange to support the operation of the blockchain. This is blocking access to your coins in exchange for a reward from the network.
During an episode of the Bankless podcast, Buterin explained the reason why he only stacks a small portion of his ETH. He explained:
"If you stack ETH, the keys to access it must be public within the online system. For security reasons, they must be configured as multisig. Multisig for stacking is still quite difficult to configure; it introduces a lot of complications."
Charles Hoskinson, co-founder of Ethereum and founder of Cardano, spoke on Twitter, stating that he was shocked to hear that Buterin only stacks a small fraction of his ETH. Hoskinson added that his "absolutely all" ADA (Cardano tokens) are stacked.
Technical Market Outlook:
The bulls are clearly in control of the ETH market and they resumed the up trend again during the weekend. The last high was made at the level of $1,974 (at the time of writing this article), but the next target for bulls is seen at the level of $2,020. The momentum turned into positive on the RSI (14) indicator, so the short-term outlook for ETH remains bullish, however the market conditions on the lower time frames are now extremely overbought. The short-term technical support is seen at the level of $1,816 and $1,777.
Weekly Pivot Points:
WR3 - $2,044
WR2 - $1,999
WR1 - $1,980
Weekly Pivot - $1,954
WS1 - $1,935
WS2 - $1,909
WS3 - $1,854
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August 2022 at the level of $2,029. This is the key level for bulls, so it needs to be broken in order to continue the up trend. The key technical support is seen at $1,368, so as long as the market trades above this level, the outlook remains bullish.
