The Poseidon Cryptographic Hashing Algorithm Is Being Proposed by Ethereum Developers as a New Implementation

An on-chain investigation reveals that, in comparison to several other cryptocurrencies, Ethereum’s development activity has been declining over time. The long-term price of ETH should continue to fall as a result of this report. Ethereum has been gaining momentum despite the report, though. This proves that traders and investors continue to trade ETH extensively.

The Ethereum developers have, however, made a fresh proposition. The Poseidon cryptographic hashing algorithm is being introduced by this proposal. This control should improve the effectiveness and cost-effectiveness of proofs with zero knowledge and proofs of reserves. Furthermore, multiple systems will be able to collaborate while also enabling the Ethereum Virtual Machine to perform cryptographic hashing.

Key Ethereum Levels To Watch – January 9

ETHUSD is heading into the premium of the current trading range to execute sell orders inside the liquidity void. The liquidity void was a result of the displacement of price to the downside. Once the previous high at $1351.90 is broken, buy-side liquidity will be grabbed and the price might get rebuffed at the diagonal resistance.
The market’s trading range is currently defined by the $1677.00 price level and the $852.00 price level. According to the Relative Strength Index (RSI), the market is about to cross the 70.0 level to the upside. This indicates that the market is already getting extremely overbought within the trading range, and therefore a crash to the downside is looming.

Ethereum Key Levels

Resistance Levels: $2031.40, $1677.00, $1351.90
Support Levels: $1071.10, $879.80, $715.00

Total Market Capitalization: $850.16B
Ethereum Market Capitalization: $162.48B
Ethereum Volume: $6.03B
Market Rank: #2

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