Whales Are Diving Into Ethereum – Could A 60% Price Spike Follow?
27 Outubro 2024 - 6:00PM
NEWSBTC
Analysts predicted that Ethereum price could exponentially increase
as whales become more interested in the crypto asset, with whale
activity hitting a six-week high. Despite the projected growth, an
Ethereum insider suggested that the cryptocurrency should address
several key issues to ensure that it can continue to flourish.
Related Reading: Whales Hit All-Time High Bitcoin Holdings At
670,000 – What Does This Mean For BTC? Ethereum: Projected Price
Upsurge Analyst Bаsictrаdingtv stated that prices of Ethereum could
skyrocket as there is a growing interest among investors to buy the
digital asset, saying that a 60% price hike is highly likely to
happen. Blockchain data analysis firm Santiment identified a spike
in whale activity on the Ethereum network and recommended a
potential purchasing spree. According to their recent update, whale
activity reached a six-week high, with average holders accumulating
Ethereum after the con’s recent price decline. 🐳 Ethereum’s whale
activity spiked to a 6-week high as its price declined as low as
$2.38K Friday. Historically, this is a sign of accumulation from
high capital key stakeholders. Though not a guarantee this will
have an immediate effect on prices bouncing, it is encouraging!
pic.twitter.com/zcofdvszLF — Santiment (@santimentfeed) October 26,
2024 Projections shown by market observers suggested that Ethereum
prices could soar and hit the $4,000 mark with some analysts
forecasting that it might even breach the $6,000 level. Ethereum
price growth could be fueled by its growing appeal to whales as
demonstrated in the six-week high whale activity wherein more than
6,400 new wallets were made by large investors. Bаsictrаdingtv also
agreed that Ethereum prices could reach the $4,000 level. However,
he hinted that the possible bullish breakout would be invalidated
if the ETH price dipped to $2,000, saying that this “pricе zonе” is
a key indicator that should be kept an eye on. Recalibrating
Protocol For Growth Meanwhile, Ethereum co-founder Vitalik Buterin
said in a post that there are several issues that the
cryptocurrency needs to address to thrive in the ever-evolving
crypto space. Buterin explained that one of these issues is to
simplify its protocol and ensure its continuous growth, saying that
the coin’s protocol has become more complicated and it already
undermines Ethereum’s integrity and security. He said that
simplification of the protocol could help address the said issue.
He explained that Ethereum has already implemented changes in the
past, citing the removal of the SELFDESTRUCT opcode as an example.
The SELFDESTRUCT opcode was known to complicate interactions among
users and posed potential security risks. However, Buterin
cautioned that the removal of such features must be conducted in a
systematic approach so developers could see the impact of such
action before implementing the changes. Related Reading: Against
All Odds: Solana (SOL) Breaks Past $176 In 3-Month Push Solving The
Storage Problem Another critical issue raised by Buterin is the
storage problem being experienced by the cryptocurrency. Buterin
said that Ethereum needs at least 1.1 terrabytes of storage to
house its enormous historical data. He suggested the implementation
of “cryptographic proofs of the state”, adding that this solution
will allow nodes to retain only a fragment of the histories. He
added that this approach is the same as the torrent system wherein
nodes only keep pieces of data that intersect from one node to
another. At the time of writing, Ethereum is being traded аt
$2,470, a 2.84% price dip in the last 24 hours. On the other hand,
ETH’s trаding volumе went up by more than 30% to nearly $22 billion
in only a single day. Featured image from Forbes, chart from
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