Forex in this article
• Ethereum plans further updates after “The Merge”
• Lots of potential in the medium term
• ETH whales buy
Crypto investors need strong nerves these days as prices are far from their all-time highs. Many market participants are even talking about a new crypto winter, during which prices will continue to fall and may not fully recover for years. The last time such a winter started was in 2017/18.
2022 has been a particularly exciting year for Ethereum, because in addition to the general crypto selloff, perhaps the most significant upgrade ever, with which the Ethereum blockchain has been made more efficient, has headlines: It took place on September 15, 2022 with a delay of about three years Finally the long-awaited merger of ETH, during which the previously used Proof-of-Work (PoW) algorithm has been replaced by the Proof-of-Stake (PoS) method. This not only improves network speed, but also significantly reduces power requirements.
But despite this technical success, the hoped-for price jump did not materialize. Market participants are now wondering how the #2 in the crypto market will continue, especially since the recent insolvency of crypto exchange FTX is unlikely to ensure a bull market for cyber currencies.
Ethereum has a lot of potential in the medium term
This is exactly the question BTC-ECHO posed to “investment punk” Gerald Hörhan. He sees “a lot of potential” for Ethereum in the medium term, after all it is “the #2 among cryptos and the technical backbone of most of the crypto industry.” And further: “Anyway, I have both BTC and ETH in my wallet and I’m building positions in these bear markets through accelerated savings plans,” says the Austrian entrepreneur and author. Although he expects the contagion effects of the FTX bankruptcy to remain visible for the next two months, the crypto market should then be based again on the (slightly positive) evolutions of the exchange (and therefore of the Fed).
ether whale strike
Major Ether holders also seem bullish in the long term and therefore apparently use the current price level for their purchases. At least that’s what Santiment’s blockchain analysts reported on November 18 and 21 via Twitter.
🦈🐳 #Ethereum sits just above the $1,200 psychological support level and edged down -3.3% in the past week. Sharks and whales, meanwhile, quickly added $ETH to their bags, increasing their holdings by 3.52% in the last 12 days alone. https://t.co/dLz52ovfTs pic.twitter.com/fTrwdn8Ku0
– Santiment (@santimentfeed) November 18, 2022
🐳 #Ethereumbig whales (holding $10.9M to $1.09B) added another 947,940 $ETH yesterday worth about $1.03 billion. This is the 5th largest one-day addition in the past year. The last 4 instances, $ETHprice vs. $BTC increased by an average of +3.2% over the following 3 days. https://t.co/g4RdgE0Gzj pic.twitter.com/TVYkj4xVrU
– Santiment (@santimentfeed) November 21, 2022
Ethereum co-founder: Ether could overtake Bitcoin
Technological developments at Ethereum are not yet complete with “The Merge”. Planned as the next update is “The Surge”, a scaling solution that splits the network into smaller particles, called shards (“sharding”), which should make it even faster.
In this context, Anthony Di Iorio, who co-founded Ethereum but left in 2015, expressed his optimism about the future prospects and even thinks that it is possible that Ethereum could exceed the market capitalization in the future. of the most popular cryptocurrency in the world, Bitcoin: “If Ethereum continues like this developed, there is a good chance that a reversal will occur”, said Di Iorio during an interview with Kitco News at the end of September .
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