ETH Approaches Key Resistance at $1,688 as Buterin Suggests EVM Shift to RISC-V - Cryptured.com

Following co-founder Vitalik Buterin’s suggestion to switch from Ethereum’s existing Ethereum Virtual Machine (EVM) smart contract language environment to a more “efficient” RISC-V, Ethereum (ETH) is down 1% on Monday.

Vitalik Buterin proposes changing the EVM to RISC-V

Vitalik Buterin put up a bold proposal to alter Ethereum’s execution layer (EL) in a post on the Ethereum Magicians forum on Sunday that might result in 100% efficiency increases. He proposed using the open-source RISC-V (Reduced Instruction Set Computing version 5) architecture in place of the existing EVM smart contract language ecosystem.

“It [RISC-V] aims to greatly improve the efficiency of the Ethereum execution layer, resolving one of the primary scaling bottlenecks. It can also greatly improve the simplicity of the execution layer; in fact, it may be the only way to do so,” Buterin stated.

For example, he suggested “enshrining the concept of a ‘virtual machine interpreter’ and requiring its logic to be written in RISC-V,” “using an EVM interpreter contract written in RISC-V that runs their existing EVM code,” and “enabling support for both the EVM and RISC-V.”

Adam Cochran, a partner at Cinneamhain Venture, contended that switching from EVM to RISC-V could impact Ethereum’s L2-centric plan, despite the fact that a number of engineers are disputing the proposal’s feasibility.

Although this would be excellent for L1 execution, Cochran pointed out that in exchange for a significant technical lift, it lowers the value add of L2s, putting them in competition with us, and doesn’t bring much value to that plan.

However, Buterin now has more time to conduct research and exploration that “accelerates major long-term breakthroughs” for Ethereum thanks to the Ethereum Foundation’s (EF) recent leadership change, according to co-executive director Tomasz Stańczak. He did, however, warn that Buterin’s recommendations are mostly meant to advance important research fields and start discussions.

They may be rejected or much improved upon by community evaluation,” Stańczak noted. He continued, “Ethereum researchers frequently request that readers understand the exploratory character of their writings and recommendations.

According to Stańczak, the EF will concentrate on improving UX and scaling L1 and L2 in the next Pectra, Fusaka, and Glamsterdam improvements.

In order to add a number of features to the mainnet, such as wallet recovery, transaction batching, blobspace extension, and raising the maximum validator staking limit to 2,048 ETH, Ethereum core developers planned the Pectra upgrade for May 7.

As L2s and Solana are stealing volume from the Ethereum L1, the forthcoming modifications and plans coincide with a decline in the cryptocurrency’s earnings over the previous 12 months.

Ethereum Price Forecast: ETH tests $1,688 resistance after rising above key descending trendline

According to Coinglass data, Ethereum witnessed $53.44 million in futures liquidations during the last day. Long liquidations total $27.33 million, while short liquidations total $26.11 million.

Following a week-long stabilization around $1,600, ETH broke above a falling trendline that had been in place since March 24. But the leading altcoin encountered opposition around $1,688, a price at which bears have increased their selling pressure since April 9.

ETH may be able to reach the top limit of a significant falling channel that starts on December 16 if it maintains the descending trendline as a support level and breaks through the $1,688 barrier. The 50-day Simple Moving Average (SMA) reinforces the upper border of the channel.

On the downside, ETH might find support close to $1,450 if it makes a persistent move below the declining trendline. ETH might plunge 30% toward the lower edge of the declining channel around $1,150 if it breaks below $1,450.

Following an early upward trend, the Stochastic Oscillator (Stoch) and Relative Strength Index (RSI) are now heading down, suggesting a slow build in bearish momentum.