The Hidden ETH Catalyst That Wall Street Prefers You Remain Unaware Of!
This cryptocurrency market surge
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has sparked some of the most debated conversations in cryptocurrency. Opinions are split; it’s either adored or despised. With a market cap exceeding $250 billion, it stands as the second largest crypto asset. Today, we will explore the reasons that indicate its potential rise and discuss the factors that are flying under the radar.
We will delve into technical and fundamental analysis and what we can anticipate in the future. What captivates Wall Street’s attention? What are the optimistic price predictions surrounding ETH that could trigger this crypto upswing?
The Journey of Ethereum: All You Need to Understand About Ethereum and Bull Markets
From a fundamental viewpoint, Ethereum has shown tremendous promise as a project. Significant upgrades, such as the protocol split in July 2016, resulted in the split of ETH into two distinct blockchains: ETH Classic (ETC) and Ethereum (Ethereum). Additionally, the Metropolis upgrade in September 2017 introduced zk-SNARKs and reduced mining from 5 to 3 Ethereum. Furthermore, in February 2019, another Metropolis upgrade implemented gas optimization, enhanced smart contracts, and lowered rewards from 3 to 2 Ethereum.
#Byzantium (Metropolis part 1) hard fork went live on Ropsten testnet yesterday https://t.co/hUNWVg0ect pic.twitter.com/krs9D7GqUE
— ETH.org (@ethereum) September 20, 2017
Subsequently, developers introduced the Istanbul Protocol split in December 2019, Muir Glacier in January 2020, followed by the Berlin upgrade and the London Hard fork. The Altair Upgrade in October 2021 was the first to integrate the Beacon Chain of ETH 2.0 (Proof-of-Stake). Then came The Merge, transitioning ETH from PoW to PoS, which was the long-awaited Ethereum catalyst. For more on PoS and how it differs from PoW, you can read here.
And we finalized!
Happy merge everyone. This is a monumental occasion for the Ethereum ecosystem. Everyone who contributed to making the merge a reality should take immense pride today.
— vitalik.eth (@VitalikButerin) September 15, 2022
This pivotal moment diminished energy consumption by 99.95%. Furthermore, crypto mining became obsolete, with validators now responsible for securing the platform. This transition also paved the way for enhanced scalability. The latest upgrade, Dencun, occurred last March, introducing Dank sharding (EIP-4844), a significant advancement for Layer 2 project’s scalability and improving transaction costs and throughput.
Afterwards, Vitalik shared a diagram outlining what lies ahead, providing ample reading material for enthusiasts.
(source)
In a broader context, Ethereum serves as the computer of the digital currency world, providing developers the capability to create and deploy dApps. Since the shift to PoS, the token supply changed by only ~133k Ethereum compared to more than 10m Ethereum if it had remained PoW. You can simulate this difference here. A recent significant Ethereum catalyst is the Pectra upgrade, merging Prague (execution layer) and Electra (consensus layer).
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Ethereum Drivers for Cryptocurrency Surge
From a technical standpoint, Ethereum’s performance did not meet expectations. In spite of achieving a new all-time high of
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, ETH fell short and didn’t surpass its previous peak. Looking at the weekly chart, Ethereum is consolidating and forming a bull flag pattern. The RSI (relative strength index) has reset, and the future outlook for Ethereum suggests a promising trajectory from approximately ~$2k to ~$3.5k.
Overall, Ethereum is consistently marking higher lows, with the last recorded low around ~$1k in 2022, a trend that analysts favor and wager on. On a daily basis, the RSI indicator has also bottomed out while the Ethereum price remains in support.
This suggests that given the current price positions, ETH appears as an advantageous option for large institutional investors and crypto enthusiasts alike. Similar to BTC, ETH is poised for the right moment to dazzle and deliver what the crypto market has been anticipating for the last few years.
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The article The Secret ETH Catalyst Wall Street Doesn’t Want You to Know! first appeared on 99Bitcoins.
