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Analysts predicted that the price of ethereum could rise exponentially as whales become more interested in the crypto asset, with whale activity hitting a six-week high.
Despite the projected growth, a ethereum” target=”_blank” rel=”nofollow”>ethereum One insider suggested that the cryptocurrency should address several key issues to ensure it can continue to thrive.
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ethereum: projected price increase
Analyst Bаsictrаdingtv stated that ethereum prices could skyrocket as there is growing interest among investors in purchasing the digital asset, saying that a 60% price increase is very likely.
Blockchain data analytics company Santiment identified an increase in whale activity on the ethereum network and recommended a possible buying spree.
According to its recent update, whale activity hit a six-week high, with average holders accumulating ethereum after the recent scam price drop.
<blockquote class="twitter-tweet”>
ethereum whale activity hit a 6-week high as its price fell as low as $2.38K on Friday. Historically, this is a sign of accumulation by key stakeholders with high capital. Although it is not a guarantee that this will have an immediate effect on the price rebound, it is encouraging! pic.twitter.com/zcofdvszLF
– Sentiment (@santimentfeed) twitter.com/santimentfeed/status/1849975890991530417?ref_src=twsrc%5Etfw” rel=”nofollow”>October 26, 2024
Projections shown by market watchers suggested that ethereum prices could skyrocket and reach the $4,000 mark, with some analysts predicting that it could even surpass the $6,000 level.
ethereum's price growth could be fueled by its growing appeal to whales, as evidenced by high whale activity over six weeks in which large investors created more than 6,400 new wallets.
Bаsictrаdingtv also agreed that ethereum prices could reach the $4,000 level. However, he hinted that the potential bullish breakout would be negated if the eth price fell to $2,000, saying that this “price zone” is a key indicator to pay attention to.
Recalibration protocol for growth
Meanwhile, ethereum co-founder Vitalik Buterin said in a post that there are eth.limo/general/2024/10/26/futures5.html” target=”_blank” rel=”nofollow”>various problems that cryptocurrency must address to thrive in the ever-evolving crypto space.
Buterin explained that one of these issues is simplifying its protocol and ensuring its continued growth, saying that the currency's protocol has become more complicated and already undermines the integrity and security of ethereum. He said simplifying the protocol could help address that 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 between users and pose potential security risks.
However, Buterin cautioned that removing such features should be done systematically so that developers can see the impact of such action before implementing changes.
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Solving the storage problem
Another critical issue raised by Buterin is the storage problem experienced by the cryptocurrency.
Buterin said that ethereum needs at least 1.1 terrabytes of storage to house its huge historical data.
He suggested the implementation of “cryptographic proofs of state,” adding that this solution will allow nodes to retain only a fragment of the stories.
He added that this approach is the same as the torrent system, in which the nodes only store data that crosses from one node to another.
At the time of writing, ethereum is trading atethereum” target=”_blank” rel=”nofollow”> $2,470, a price drop of 2.84% in the last 24 hours. On the other hand, eth trading volume increased by more than 30% to almost $22 billion in a single day.
Featured Image by Forbes, Chart by TradingView
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