Plenty of whale activity has arisen lately on the back of the rising Ethereum prices, creating opportunities for revenue for those who bought it at dips or stuck to it throughout the bear runs. The second-best crypto coin worldwide has risen to the expectations of the better part of the crypto community, who bet on a revival of the asset in anticipation of the year’s end. To many investors’ lack of surprise, the Ethereum price USD surpassed the persistent $2,000 threshold under which it has been hovering since the final of October and is now shooting at $2,400.
Inevitably, the potential of high ROIs has pushed the most significant market participants, the whales, to ditch their holdings in return for profits. This trend has shaken the ecosystem, potentially leading to cumulating selling pressure from the predominant ETH owners. The news doesn’t bring reasons to rejoice for those who have been slow to add Ethereum to their portfolios when it was priced low. Instead, it could symbolize an excellent time to learn to buy and navigate the rather stormy waters it’s expected to swim into in the subsequent months or maintain the revered long-term perspective.
Nonetheless, it is a celebration for those willing to stick to an arbitrage strategy and move assets from exchanges to exchanges in order to profit from price fluctuations. The whole recent activity has prompted plenty of interest and intrigue among crypto experts and buffs, with the overall perspective being bullish on Ethereum’s behavior over the past few months, especially as a highly-awaited upgrade is just around the corner.
Goerli shadow fork is to occur and open the gates for the final upgrade – Dencun
The overall market sentiment remains predominantly optimistic despite the short-term rather intriguing outlook, with hopes residing mainly in the following network improvements planned. The Goerli update is scheduled for Q1 of the upcoming year, with the Ethereum Goreli shadow fork testing acting as preparation grounds for the deployment of the upgrade planned for January 2024.
The most recent ACDE (All Core Devs Execution) conference prepared the groundwork for the Dencun fork, or a merge between Cancun and Deneb, for the following month. The tech advancement will introduce critical enhancements to the network’s scalability, usability, and security, symbolizing a milestone in Ethereum’s history. The meeting has a crucial role in establishing the subsequent upgrades of the network, concentrating now on the actual state of the Dencun fork. The better part of the team is already prepared to jump on the fork test, demonstrating a powerful joint effort to launch the fork. Besides the established Dencun fork, the conglomerate mentioned an extended Goerli shadow network fork planned for the following several weeks. This undertaking will be essential for gathering critical data and insights to refine and optimize the fork before it’s officially deployed on the Goerli testnet.
If things go smoothly, the developer community behind Ethereum may activate Dencun in January, as previously agreed upon. Until then, the devs work on a devnet, or mainnet, to test the synchronization assumptions in anticipation of the upgrade. Through cooperative efforts, the devs will make sure the fork is strong, safe, and capable of improving the network’s overall functionality and performance.
Ethereum to only follow an upward trend for a while despite the selling pressure registered, according to experts
Ethereum has lately reassured buffs that it is on the road to resurrection, hinting at a new wave of growth as Layer-1 (L1) developments such as Solana see increased penetration rates. The price is yet to show an impressive performance as that of Bitcoin, witnessing a growth of around 40% over the last three months, whereas the leading coin more than doubled during the same period. However, it is not unusual for the cryptocurrency that came as an imitation of the frontrunner to rank second in terms of performance among all the cryptos in existence as well. Ethereum has always been seen as one of the most reliable crypto coins, and its growth from less than $2,000 at the beginning of the year to the over $2,200 it’s currently registering stands as proof.
Experts are confident the price trajectory will continue an upward trend due to the many involvements in the financial area and upcoming system improvements. It has an enormous developer community behind it, adoption rates are growing, and it is vital in decentralized finance.
Ethereum is far from mirroring Solana’s growth performance, but that doesn’t mean the latter is the better choice
It is rushed to say that Ethereum can compare with Solana regarding the speed and immensity at which they have risen over the past months. However, it’s safe to say that its potential for expansion remains impressive. Thanks to its market size, status as the second-best crypto, and liquidity registered, it keeps piquing investors’ interest and money. All these factors only hint at an increasing price performance should the broader market keep reporting profits.
While Ethereum remains the king within the world of blockchain applications, there is a segment where it lags behind Solana. The latter empowers faster responses than most blockchains thanks to its constant transaction processing, benefiting the ledger user. Ethereum, on the other hand, has transaction gathering in a mempool in the blockchain, also seen as the waiting room.
While Solana sets new standards in transaction throughput and scalability, positioning it as a promising rival to Ethereum, the former has better-grounded roots in the crypto world, and experts believe it won’t soon be dethroned. Ethereum is more popular and has proven a track record, so it’s early to conclude which will perform better in months.
Final words
Context matters, and for now, Ethereum is registering quite promising performances. Its behavior has improved, and despite the slower growth, taking a step back to zoom out and look at it through the long-term glasses will have you leveling up your crypto investment and trading game.
Ethereum is not laying dormant and is expecting another set of improvements to the system known under the umbrella of the Cancun-Deneb hard fork. Preparations are unfolding already, with the hard fork testing scheduled for the subsequent weeks, which will help devs conclude further to improve the scalability and efficiency of the network.
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