Ethereum co-founder Vitalik Buterin commented about the leading alt’s next steps. The crypto billionaire told the 2022 Messari event that ‘Surge’ was the expected move following the successful transition to PoS (Proof-of-Stake).
Nevertheless, this wasn’t the initial time Vitalik commented about the surge. The crypto head revealed the same during the Merge day. Nonetheless, he appeared to have highlighted more details than at the Merge Party.
Burst & Scale
During the Messari session, Vitalik highlighted that the surge had been in Ethereum’s plan, and the leading crypto was following its roadmap. Vitalik clarified that the surge update (which targets to boost the ETH network) wouldn’t be a single upgrade like the Merge.
Moreover, he added that scaling ETH remained in the project’s goals. Also, Vitalik admitted that transfers might get briefly lower after ETH completed the surge phase. The co-founder believes scalability was essential besides privacy, promising lower transaction costs to support the Ethereum blockchain in achieving more mainstream acceptance.
Aiming for the Top While Digging for Crude
Despite the clarification by Vitalik, Ethereum appeared unbothered. The alternative token has declined again after a woeful performance post-Merge. The leading altcoin traded at $1,324 during this publication, exhibiting bearish tendencies (Coinmarketcap data).
The daily chart shows Ethereum failed to retain any foothold it had and might dip further from its current value area. Also, Bollinger Bands’ indication showed volatility remained massively high around Ethereum’s current region.
Nevertheless, the price slump didn’t stop Ethereum investors from pursuing upsides. Glassnode shows ETH’s open interest within perpetual futures contracts hit a 1-month peak on exchange FTX, at $1,644,420,189.05.
On a positive note, Ethereum seemed to thrive within the Ethereum 2.0 sector. The mentioned on-chain site also indicated a surge in ETH 2.0 deposit contracts. While writing these lines, the TVS (total value staked) had touched an ATH of 13,937,300 $ETH.
Many Ethereum traders would expect the current on-chain outlook to welcome improved price strength. Though anticipating that may be too early, a direction shift remained on the cards.
What are your views about Ethereum and its current price trajectory? Feel free to leave a comment in the section below.