Vitalik Buterin announces ‘forge ahead’ steps
Vitalik Buterin, the co-founder of Ethereum , has commented on the king of altcoins' next steps. While virtually attending the 2022 Messari mainnet event, Vitalik stated that the surge was the next step after the successful conversion to Proof-of-Stake (PoS).
Meanwhile, the crypto head was not the first to mention the spike. Vitalik made the same observation on the day of the Merge. However, Vitalik appeared to have gone into greater detail than he did during the "Merge Viewing Party."
During the session, Vitalik stated that the surge had always been a part of Ethereum's objectives and that it was sticking to its plans. According to Vitalik, the surge, which attempts to enhance the Ethereum network, will not be a single event like the Merge.
Furthermore, he stated that scaling Ethereum was still on the agenda for the project. Vitalik also admitted that once Ethereum passes the surge stage, transaction costs may fall slightly.
"Aside from privacy, I'd say scalability." The difference between $3 and 3 cents to send a transaction is the difference between blockchains being viable as a mainstream technology at all."
Aim for the top while continuing to dig for crude
Despite Vitalik's candour, ETH seems unaffected. Since performing poorly following the Merge, ETH preferred to drop again. According to CoinMarketCap, the coin was trading at R23.7K at the time of publication.
On the daily chart, it was seen that ETH was unable to hold onto any support it got and was likely to lose it at its current price. Similarly, Bollinger Bands (BB) indicators suggested that volatility was unusually high in the region.
However, the price decrease did not deter ETH traders from seeking profits. According to Glassnode, Ethereum's open interest in perpetual futures contracts on the FTX market reached a one-month high of $1,644,420,189.05.
On the positive side, ETH seems to be thriving in the ETH 2.0 segment. The leading on-chain firm also revealed an increase in deposit contracts on ETH 2.0. The Total Value Staked had attained an All-Time High (ATH) of 13,937,399 ETH at the time of writing.
Even with the present on-chain performance, most ETH investors anticipate an improvement in price momentum. However, expecting this phase may be premature. Although a change, of course, is never out of the question.
