Vitalik Buterin highlighted Ethereum’s upgrades for decentralization, censorship resistance, and quantum security.
Despite the bullish crypto market, ETH struggles to break $3,500, facing resistance. At the much-anticipated Devcon 2024 in Bangkok, Vitalik Buterin, the co-founder of Ethereum, shared exciting updates on the network’s future. He outlined key upgrade plans to enhance decentralization and censorship resistance and prepare for quantum computing threats. The report said that Buterin highlighted Ethereum’s goal to scale, aiming for over 100K transactions per second on layer-2 solutions, which would enable the network to support a wider range of applications such as Ethereum Name Service (ENS), consumer payments, social apps, and even a blend of financial and non-financial services. According to Vitalik, one of Ethereum’s most pivotal milestones was its transition from Proof of Work (PoW) to Proof of Stake (PoS). This shift not only reduced the network’s energy consumption but also strengthened its security and decentralization, marking a significant step toward Ethereum’s long-term sustainability. Recently, Vitalik has been more active on social media, offering detailed and clear clarifications to help users better understand the Ethereum ecosystem, aiming to expand its reach. Meanwhile, Ethereum’s native crypto, Ether, seems to be lagging, not benefiting as much from the current bull run.
ETH Struggles to Break $3,500 Mark Amid Bullish Market Despite the global excitement surrounding the crypto market, ETH has struggled to break the crucial $3,500 mark, which many analysts believe could trigger a major bull run. Ethereum’s price tested support at $2,414 on November 6, the day of the election, and then surged by over 42% until November 13. However, such a large rally could lead to a pullback.
Ethereum (ETH) Price Chart (Source: TradingView)
Over the last 24 hours, ETH saw a decline of 9.37%, dropping to an intraday low of $3,121 after briefly hitting a four-month high of $3,444 earlier today. By the time of writing, ETH was trading around $3,145, showing a slight recovery from the intraday low. The RSI on the 4-hour ETH/USDT chart is at 47, indicating that Ethereum is neither overbought nor oversold. It falls within a neutral range, suggesting that market sentiment is balanced. There’s no clear buying or selling pressure, so the price might continue to move sideways or follow overall market trends without a clear reversal signal. Additionally, Ethereum is trading below its 9-day EMA of $3,230. If it pulls back further, it could drop by around 5% to 12%, potentially testing the $2,800 level or even falling to $2,460, a price level that triggered buying pressure on November 6.
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