- ETH trades at $3089 and soared over 0.41% in the last 24 hours.
- Buterin has unveiled a plan to boost the network.
Ethereum is the second largest cryptocurrency, indicating both a bullish and bearish trend. According to crypto analysts, $ETH is nearing a crucial level of $4K. Additionally, Vitalik Buterin presents his strategies for improved consensus and decentralization.
At the time of writing, ETH is trading at $3089, reflecting a modest increase of 0.41% within the day, with a market capitalization of $373 billion. Its 24-hour trading volume stands at $11 billion. While showing a slight recovery from recent corrections, Ethereum still encounters resistance levels that impede its upward trajectory.
In early May 2024, Ethereum experienced a minor dip, trading around $2,900. However, within a week, the price surged to $3,200. Despite this volatility, Ethereum’s market signals remain mixed, with its price fluctuating and reflecting both bullish and bearish trends. Let’s check out the future traction of ETH.
Will Ethereum (ETH) Holds Above $3000?
Despite a recent price correction, Ethereum’s network activity remains strong, with an increase in daily active addresses indicating heightened engagement.
This uptick often aligns with positive price movements, providing support against declines. Ethereum finds resistance at the $3,000 level, potentially attracting buyers. Further breaching the $3,200-$3,500 range could fuel further gains, pending a positive shift in market sentiment or significant news.
Conversely, if Ethereum fails to hold above the $3,000 level, it could lead to a decline to $2,800, potentially triggering additional losses and pushing ETH towards $2,500. If the Ethereum price falls below $2,500, it could become trapped in a bear market, leading to further declines.
Ethereum’s co-founder, Vitalik Buterin, revealed plans at a developer event in Kenya to enhance consensus and decentralization on the network. These include technical upgrades aimed at maintaining a decentralized network and improving security. Upcoming improvements such as PeerDAS, Verkle tree transition, and decentralized historical data storage will enhance the user experience for node operators and users across different layers.
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