This crypto bullrun
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has been the most polarized cryptocurrency discussion. Either you love it or hate it. With a market capitalization of a little over $250 billion, it is the second biggest cryptocurrency. Today we will see why it is poised to pump and what the catalysts are that nobody is talking about.
Technical and fundamental analysis and what we can expect in the future. Why is Wall Street obsessed with it? What is the Ethereum prediction price catalyst for this crypto Bullrun?
The History of Ethereum: Everything You Need to Know About Ethereum and Bull Runs
From a fundamental point of view, Ethereum has been a very promising project. Some of the important upgrades, like the hard fork back in July 2016, separated Ethereum into two blockchains. Ethereum Classic (ETC) and Ethereum (ETH). Furthermore, in September 2017, Metropolis upgraded zk-SNARKs and lowered block rewards from 5 to 3 ETH. Also, in February 2019, another Metropolis upgrade brought gas optimization, more efficient smart contracts, and lowered rewards from 3 to 2 ETH.
#Byzantium (Metropolis pt 1) hard fork went live on Ropsten testnet yesterday https://t.co/hUNWVg0ect pic.twitter.com/krs9D7GqUE
— Ethereum.org (@ethereum) September 20, 2017
Later on, devs came up with the Istanbul Hard Fork in December 2019, Muir Glacier in January 2020, the Berlin upgrade, and the London Hard Fork. Altair Upgrade in October 2021 was the first one that integrated Ethereum 2.0’s Beacon Chain (Proof-of-Stake). Then The Merge happened, and ETH shifted from PoW to PoS. That was the ETH catalyst that everybody was expecting. More about how PoS works and what the difference is from PoW, you can read here.
And we finalized!
Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
— vitalik.eth (@VitalikButerin) September 15, 2022
Thus, this historic moment reduced energy consumption by 99.95%. Furthermore, mining was not available anymore, and validators were the ones securing the network. Also, that opened a new door to better scalability improvement. The most recent upgrade was Dencun, which happened last March. Dank sharding (EIP-4844) was introduced, which was a major step toward the scalability of Layer 2 projects, improving transaction fees and throughput.
Afterward, Vitalik came up with a diagram explaining what was next. Leaving a lot of material for the enthusiasts to read.
(source)
In perspective, this makes ETH the computer of cryptocurrencies giving devs flexibility to build and deploy dApps. Since switching to PoS, supply changed only ~133k ETH compared to over 10m ETH if it was PoW. You can simulate the difference here. One of the prominent Ethereum crypto catalysts recently is the Pectra upgrade. Combining Prague (execution layer) and Electra (consensus layer).
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Ethereum Catalyst for Crypto Bull Run
From a technical perspective, Ethereum’s price did not perform as everyone expected. Despite a new all-time high of
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, Ethereum underperformed and couldn’t break its all-time high. On a weekly timeframe, Ethereum is bottoming and forming a bull flag pennant. The RSI (relative strength index) is reset, and Ethereum prediction is very promising for another run from ~$2k to ~$3.5k.
(Source)
Generally speaking, ETH is making higher lows, with the previous low at ~$1k back in 2022, which is something that people love to see and bet on. On a daily time frame, things are not different. We have bottomed out the RSI indicator with the ETH price staying in support.
In contrast, we can say that with the current price and place, ETH is very a no-brainer for big institutional firms and crypto enthusiasts. ETH, like Bitcoin, is waiting for the perfect moment to shine and give everybody what they have been waiting for the past couple of years.
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Key Takeaways
The post The Secret Ethereum Catalyst Wall Street Doesn’t Want You to Know! appeared first on 99Bitcoins.