BTC holds 200-week SMA while ETH steals spotlight again

Bitcoin is currently trading flat on the day at approximately $23,160 as of 4:30 ET and still holding above the crucial 200-week SMA. Current prices also are above the 50-day SMA after dipping below this indicator earlier in the trading session. The dip was likely brought on by Tesla’s second-quarter holdings revealing it had liquidated 75% of its BTC from its balance sheet. Nonetheless, BTC still is holding onto its freshly minted bullish sentiment and technical outlook. BTC has also entered into the “cloud” or Ichimoku cloud to be exact which can symbolize a shift or pivot from bearish to bullish.

It was Ethereum yet again that took the lead in churning upmarket excitement. Ethereum is trading up by 5.7% on the day and a whopping 42% on the week, compared to Bitcoin's 14% increase in the same period.

The creator of Ethereum, Vitalik Buterin gave insight into Ethereum’s future road map and went on to list benchmark goals that go way beyond the merge to Proof-of-stake. Buterin spoke to a crowded main room at the EthCC conference in Paris on Thursday on how Ethereum is undergoing numerous big improvements that would eventually benefit the system in the long run. Buterin stated that after the Merge, Ethereum will be around "55 percent complete" concerning the Proof-of-Stake update, also known as EIP-3675.

He gave more details on the four goals for Ethereum developers that he outlined earlier this year labeled as the Merge, the Verge, the Surge, and The Purge. Once these milestones which once completed Ethereum will have the potential for completing 100,000 transactions per sec. (compared to 10-15 per sec.).

He went on to paint a picture where Ethereum evolves past the need for so many everchanging upgrades to a point in which it will be able to avoid overhauls and reach a place of stability and “settle down”, “It’s similar to Turing Completeness… if you have a computer that’s powerful enough, you can build almost anything on it.”

This stability could lead to price stability for the number two cryptocurrency as it races to try and take the top spot.