As the Ethereum ecosystem continues to evolve, it is crucial to understand how to navigate the decentralized environment. However, a market expert offering insights on the subject has disclosed that Ether (ETH) is the key to exploring the ecosystem, suggesting that holding the altcoin is crucial for those aspiring to get on board.

Significance Of ETH In Ethereum’s Ecosystem

Educator and founder of the Daily Gwei, Anthony Sassano in a recent post on X  has disclosed ETH’s pivotal role in empowering the decentralized ecosystem of Ethereum while labeling it the entry ticket. The educator’s objective that ETH is the entry ticket is indicative of the digital asset serving as the essential asset for engaging in smart contracts, Non-Fungible Tokens (NFTs), and Decentralized Finance (DeFi).

According to Sassano, the only completely decentralized, censorship-resistant, credibly neutral, and well-distributed asset on Ethereum is ETH, solidifying its position as a foundational asset in the entire ecosystem.

He further highlighted that ETH boasts the deepest liquidity, the strongest network impact, the most holders, and many other attributes throughout the ecosystem. These factors only become stronger with time.

Sassano claims ETH has “historically been a very good wager” on the expansion of the decentralized ecosystem, which includes the Ethereum mainnet as well as all its layer 2 solutions and rollups. His insights coincide with the rapid growth of the ecosystem witnessed on a daily basis, which shows no signs of slowing down, especially since there are incredibly few on-chain users in the entire crypto sector.

As a result, Sassano is very bullish on ETH, expressing his belief that the Ethereum ecosystem will continue to expand and ETH will remain at the center of the growth, making it the primary asset for participation, thereby driving demand for the altcoin.

Overall, the educator considers ETH as a “programmable money” with limitless potential for driving the global on-chain economy, unlike other conventional currencies.

ETH On The Path To New All-Time Highs?

ETH is presently demonstrating negative price movements but several analysts are optimistic about the token in the near future. Well-known crypto expert and trader, Javon Marks by exploring recent price actions has forecasted Ethereum to reach $4,723.

Marks’ offered this bullish prediction after citing a similar pattern on the daily chart of ETH with that of 2023 that led to an increase of more than 165%, noting that the asset could replicate this surge. “2023 looks to have been the blueprint for another massive upside that can be soon transpiring in this crypto market,” he stated.

Should this growth repeat itself, the analyst has placed the next target for ETH at the $4,723 level. Furthermore, Marks asserts that a break above this range could set the stage for a rally to $8,100 and beyond, reflecting another 2x increase in price or more.

Featured image from Unsplash, chart from Tradingview.com

The Ethereum network, one of the leading blockchain solutions has once again taken a hit as the network’s average staker revenue over the past few days has witnessed a sharp decline, indicating a decrease in users’ or stakers’ interest and engagement.

Ethereum’s Stakers Face Dimishied Returns

In a negative development, the average revenue of Ethereum’s stakes has dropped dramatically, reaching fresh lows as the network activity is experiencing a major slowdown. Ethereum‘s proof-of-stake mechanism participants have seen lower rewards as a result of decreased demand and fewer transactions on the network, which has significantly impacted staking returns.

Kyle Doops, a well-known market expert and host of the Crypto Banter show shared the negative development on the X (formerly Twitter) platform. The staking yields have declined due to a combination of factors such as lower transaction volume, which coincides with a larger drop in the market.

According to the expert, Ethereum’s average staker revenue for the last 7 days fell sharply to a 6-month low. Specifically, on September 12, the revenue was recorded at about $5.44 million.

He noted that transaction fees also experienced a decline due to a drop in network activity, which severely impacted staker earnings. Furthermore, the transaction volume and on-chain activity plummeted, falling precipitously from March peaks and reflecting February 2024 levels.

The average staker revenue is one of many metrics that has fallen significantly in the past few days. Ethereum’s futures market funding rates have also experienced a decrease to new lows.

Kyle Doops revealed that the futures market is currently hitting rock-bottom funding rates in 2024, indicating a persistent bearish trend. As funding rates plummet to new levels, traders appear to be taking extra caution, demonstrating a widening gap between long and short positions in the market.

With the 50-day average funding rate showing a consistent bearish trend, buying interest seems to be shrinking. Until perpetual futures or spot markets see a surge in demand, Kyle Doops is confident that the price of ETH might remain low.

Do Recent Movements Suggest ETH Is Gearing Up For Gains?

Despite these negative developments, Ethereum’s price is slowly attracting gains as revealed by CoinMarketCap. At the time of writing, ETH stands at $2,326, reflecting an increase of about 0.61% in the past 24 hours. However, this price level was recovered after ETH witnessed a strong resistance at the $2,388 level yesterday sending prices downward to $2,300.

While ETH in the past day has been gradually increasing, the weekly and monthly timeframe shows that the crypto asset has declined by over 0.50% and 11.14% respectively. ETH’s market cap and trading volume in the past have increased by 0.60% and 14%, which indicates that investors are betting on the digital asset’s renewed momentum.

Featured image from Unsplash, chart from Tradingview.com

• Google Cloud announced the new blockchain remote procedure call service on Sept. 17
• The blockchain RPC service is compatible with Ethereum and offers up to 100 requests per second.
• Google Cloud targets developers in the web3 space, aiming to scale development and deployment of decentralized applications.

Google’s cloud computing platform has announced the launch of a new Remote Procedure Call service aimed at supporting developers in the web3 space.

According to details in an announcement, Google Cloud’s blockchain RPC service is fully-compatible with Ethereum. Developers will leverage the new service for a cost-effective, scalable and reliable access to blockchain data.

The RPC service targets developers building decentralized applications across the Web3 ecosystem, from startups to large enterprises. All these will have the opportunity to leverage Google Cloud’s reliability and performance, the company said.

“Google Cloud’s Blockchain RPC offerings deliver fast response times – exactly what you’d expect from them,” Kyle Quintal, head of engineering at 0xArc, said in a statement.

“Coupled with the fact that Google Cloud follows the EIP1474 standards and has the free-tier option, we integrated its service into our system right away and haven’t looked back,” Quintal added.

Initial support for Ethereum

Other than offering a free tier, the Blockchain RPC allows for up to 100 requests per second. While it will initially support the Ethereum mainnet and testnets, Google Cloud plans to expand the service to more blockchain networks over the next one year.

Google Cloud will host a webinar aimed at discussing its new RPC product on October 10, 2024

This is Google Cloud’s latest Web3 push, with recent inroads including the addition of 11 blockchain networks to its public datasets program ‘BigQuery.’

The platform has also inked partnerships with multiple blockchain platforms, including Polygon, Sui and Fantom.