A new Ethereum proposal is again in the coming altcoin news - and again - it proves controversial and divides the community. According to latest crypto news, Ethereum developers are considering an option to finance themselves from the block rewards while many in the community stand against this idea, arguing about how the rewards can be used and by whom. The community members accepted the new Ethereum proposal after discovering an Ethereum Improvement Proposal, EIP-2025, posted twenty-eight days ago. It proposes 0.0055 ETH per block for 3,100,1000 blocks (or USD 3.6 million at current prices now) or for 18 months, as a developer block reward for funding Ethereum 1.x (a codename for a comprehensive set of upgrades to the Ethereum mainnet intended for near-term adoption) development. One Ethereum advocate named Eric Conner was in the altcoin news as one of the first people to tweet about it. He found the idea absurd and soon made a correction that the EIP has a typo - according to him it is actually 0.0055 ETH per block and not 0.044 - confirmed by James Hancock who put forward this proposal. Still, the fact does not help the current mood in the community. https://twitter.com/econoar/status/1153141250637197313 The criticism on this issue continued pouring in. Even though Conner argued that “it's important to set a precedent that block rewards cannot be captured”, also mentioning that it’s “an insanely slippery slope”, others said that it’s important for the protocol to stay neutral. An investor named Aftab 'DCinvestor' Hossain also rejected this idea and tweeted that the community has spoken: experimental dev funding mechanisms via block rewards, even for “testing” purposes, are a no-go." He added that the amount of ETH in question is not relevant - "the precedent and mechanism" are. Some other people offered other options for funding too. One of them was Anthony Sassano, who is doing marketing for the digital asset called Set Protocol and is a co-founder of ETHHub. He said that he is against the new Ethereum proposal and this particular EIP - but not against funding relevant development work on Ethereum. In the relevant development work that he shared, he listed alternative funding options including DAOs, Gitcoin grants, pooled DAI ideas and Ethereum foundation grants - all of which attractive and viable, as many best cryptocurrency news sites confirmed. https://twitter.com/sassal0x/status/1153117697686663170

ETH nosedives by 15 percent while the entire value of the crypto market dropped by $28 billion so in the coming altcoin news we take a closer look at the price movements of the crypto assets. Litecoin and Ethereum also dropped in the range of 11 to 15 percent during the night. The analysts believe that the correction was mainly made due to the technical move with the 200 percent year-to-date gain of Bitcoin since the beginning of the year. The market looks like it entered an oversold area so can it recover? The market analyst Alex Kruger stated on July 12 that while the long term trend of bitcoin is still bullish, the drop in the price of the number one cryptocurrency below $11,300 which serves as a key support level could lead to a drop below $10,000:

 “Mid/long term bullish; Short term bullish above 11500/11600, bearish below 11300; R: 11800, 12000, 12300, 12500; Key level above for bears to defend is 12300; if price moves below 11300, 10000-9650 is first larger target area. 50 DMA stands at 9760.’’

Kruger cited that the remark of the U.S. President Donald Trump on bitcoin dismissing the cryptocurrency as an asset class, has potential short term bear signals:

 “Many have interpreted Powell’s testimonies & Trump’s bitcoin remarks as short term bearish. The long-term impact could be seen as either bullish (awareness) or bearish (increased regulatory tail risk). Coupled with a lower high, the balance has shifted slightly to the downside.’’

Despite the downside movement of the number one cryptocurrency and the rest of the cryptocurrency market was technical and many executives considered the first remark on bitcoin by the US President as a positive indicator. The regarded trader Cred stated that the $10,900 to $11,000 range is a very important support level and he stated:

 “$10,900-$11,100 has been support. A strong daily close through that level would be good evidence that sellers are in control. Losing $10,500 would support that idea. Weekly chart looks heavy with price being accepted below $11,700 area. Bullish bias only above major S/R.’’

As noted in the latest cryptocurrency news, other technical analysts Josh Rager explained how eth nosedives and how the bears made a comeback in the past week citing a $10,500 as an important level for bitcoin.

The Ethereum based predictions platform named Veil is shutting down, as an official Medium post published on July 11 shows. The latest cryptocurrency news show that as of July 11, no new markets will be added to the Veil platform and trading will be disabled entirely on July 24. The co-founder of the Ethereum based platform, Paul Fletcher Hill, recently recommended that users should redeem their open positions, withdraw their positions from the active markets and withdraw Veil Ether and convert it to Ether. For those of you who don't follow our altcoin news, Veil was a type of extension to the Ethereum based predictions market Augur. Meanwhile, Augur is a prediction market (which still exists) and which uses smart contracts  to let users create and bet on the outcome of any event with the Ethereum cryptocurrency. For example, the top three bets listed on the Augur market right now (as shown on many best cryptocurrency news sites) are: “Will Novak Djokovic be the 2019 Wimbledon Men's Singles winner?,” “Who will Win the The First Democratic Primary Debate?,” and “Will Serena Williams be the 2019 Wimbledon Women's Singles winner?” Before the Ethereum based predictions platform closed, Augur also added the option to use the stablecoin by MakerDAO, DAI, on its platform. As the website showed, Veil was intended to "bring Augur to the mainstream" and improve the user experience by speeding up its transaction processes. Veil reportedly lets users trade on the Augur marketplace faster through the 0x protocol - and provided instant settlement by allowing users to sell their shares to Veil before the native finalization of Augur transactions on the blockchain. When discussing the reasons why the Ethereum based platform Veil did not meet its success goals, Fletcher Hill noted a number of issues - one of which is the possibility that the platform may not have been friendly enough to crypto novices.

“We didn’t offer a good onboarding experience. Crypto as a user base is still early, and we didn’t make it easy enough for users without crypto or a wallet to get started," the statement said.

Some of the other areas of concern he noted included not being decentralized, not being regulated and perhaps trying to offer too many options as a broad scale predictions marketplace.

“… ultimately we failed to find a good fit between what we were building and the market as it exists today. … But today the community of users is small, and we think there are higher impact products and services we can build for the immediate future," Fletcher-Hill wrote in the altcoin news.

 

The coming altcoin news show that the price of Ether is consolidating after declining heavily below the key $300 support area against the US dollar. The price of Ethereum traded close to the $260 support level but is currently consolidating the losses and making a new push towards the $280 mark. It all started yesterday, when the altcoin news showed that Ethereum, Ripple and other major altcoins fell against the US dollar after the massive drop in Bitcoin was made. ETH/USD declined heavily below the key $300 support area and even broke the $285 support. Right now, Ether is consolidating but the price before this consolidation period traded close to the $262 level and bled a lot. Many best cryptocurrency news sites show that traders are concerned about the performance of Ethereum (ETH). The fact that Ether is consolidating is backing up their beliefs. The bad news is that there is a short term bearish trend line forming with resistance near $274 on the hourly chart of ETH/USD. The 50% Fib retracement level of the recent decline from $290 to $262 swing low is also acting as a major resistance. The latest cryptocurrency news show that the price of Ether is consolidating but also forming a support base above $275. If it manages to clear the trend line, the next stop for the bulls could be near the $280 and $282 zone. The $61.8 Fibonacci retracement level of the recent decline from the $290 high to the $262 swing low is also likely to act as a major resistance. In order to initiate a fresh increase, however, ETH must settle above the $285 resistance. In that manner, if there is no upside break above $275 and $280 while Ether is consolidating, the price could continue its losses. The initial support is right now set near the $262 level below which the price will likely break the $260 support level. In such case, the next major support will be set near the $250 level. When looking at the chart, the Ethereum price seems to be improving and consolidating losses above $262. There are signals of potential correction higher which is why ETH is very likely to face resistance near the $280 or $285 level in the near term.