This week remains one of the most volatile for digital currencies, with Ethereum prominently featured.
Ethereum's Quest for ATH
At the time of writing, Ethereum's price has slipped back to $3,620, with a 5.92% surge in 24 hours. CryptoQuant Analyst notes Ethereum generally hits higher price marks in secondary bull cycles compared to the first ones. The current ATH is $4,891.70, and Ethereum needs to grow by 26% from its current price to surpass this level. The $4,000 resistance level remains a psychological barrier yet to be retested since March.
Current Situation and Prospects
The current bull cycle stage for Ethereum is connected to the enthusiasm around spot Bitcoin ETF approvals. If Ethereum can surpass the psychologically significant level at $4,000, reclaiming the ATH might be possible. Previous attempts at reaching this level were linked to the excitement around Bitcoin ETF prospects.
Fundamental Aspects and Competition
Ethereum remains a leading player among blockchain protocols, but competitors continue to evolve. Notably, Solana and layer-2 scaling solutions stand out. Vitalik Buterin has outlined plans to improve Ethereum, including initiatives like The Surge, The Scourge, The Verge, and The Purge. The primary goal is to enhance validation capabilities via mobile, improve transaction speeds, and lower validation requirements.
Ethereum continues to show strong performance in the long run, despite short-term fluctuations. Protocol improvement initiatives might contribute to its growth and adoption.
