• Wed. Jul 17th, 2024

Price of ETH Nears $2,800 After Buterin’s 2024 Proposal

Maria Bartiromo

ByMaria Bartiromo

Jan 2, 2024

After Ethereum co-founder Vitalik Buterin’s research piece was published on December 28, the price of Ethereum (ETH) has surged and is already approaching $2,800. Vitalik Buterin, five days ago, released a research paper in 2024 that outlined the roadmap and essential elements directing Ethereum’s course. Ambitious objectives in the plan include:

• Switching from proof-of-work to proof-of-stake.

• Implementing rollups to achieve 100,000 transactions per second.

• Addressing numerous opportunities and difficulties within the Ethereum ecosystem.

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2000 Ethereum Investors Add Extra $713 Million to Portfolio 

The In-Depth On-Chain research explores their responses to Buterin’s proposal, offering insightful information about how major market participants view Ethereum’s future. According to its recent data, as of January 1, the price of Ethereum is slightly above $2,305, up 5% from the weekly low of $2,193 that was reached on Boxing Day.

The increase in Ethereum’s price indicates that the market is reacting favorably to Buterin’s suggestion and the improvements highlighted for Ethereum in 2024. As of press time, the price of Ethereum is $2,300. According to the data from Top Holder Supply, the top 2000 Ethereum investors added $713 million more ETH coins to their portfolio after Vitalik Buterin published the company’s 2024 proposal.

There has also been an increase in added investment by top Ethereum shareholders, speedily increasing their assets by over a million dollars. This trend, the data shows, could trigger a bullish trend in no time. 

86% of All Ethereum Holders in a Profit Position

Ethereum has breached the $2,400 price resistance twice in the past 20 days, preparing the ground for a bull run that will run above the $2,500 price mark in its price rally. A chart published by IntoTheBlock, using a historical price of Ethereum to map out prospective Buy or Sell tendencies, also supports the analogy and forecast by Top Holder Supply data.

IntoTheBlock analysis shows that 86% of Ethereum holders are in a profit position. This implies that only some ETH investors are willing to take out their profit anytime soon, hence waiting to have it grow higher. As of press time, 10.6 million ETH holders have requested 5.16 million units of ETH at $2,406. The price of Ethereum is likely to hit $2,800 if it breaks the current price.

Price of Ethereum Likely to stay below $2,100 in the short Term

The switch from proof-of-work to proof-of-stake, which Buterin calls “The Merge,” is another crucial factor influencing Ethereum’s future. This change Buterin said is a component of Ethereum’s larger plan to increase environmental impact, boost energy efficiency, and set itself up for a more scalable and sustainable future.

There’s not much mention of the bear in the forecast, but most analyses say that the bear may set the way for the bull at this time should ETH accidentally go below $1,900; in yet another data published by FXEmpire,  5.25 million ETH investors bought 45.23 million units of ETH at  $2,113.

The data explained that considering the current rise in ETH holders, the price of Ethereum is likely to stay below $2,100 in the short term. Meanwhile, Vitalik Buterin, in his latest statement, has proposed to apply a method that will help reduce the present load on the validators. This method has been said to reduce the number of signatures by 70% to make the system quantum-resistant.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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