- Co-founder of Ethereum, Vitalik Buterin recently argued that Ethereum is more decentralized than its competitors.
- While Solana beats Ethereum in TPS, its network is highly centralized, making ETH the choice for projects seeking a decentralized network.
- Analyst Benjamin Cowen has predicted a breakout in Ethereum price after the altcoin ended long sideways action.
- There is a spike in institutional capital inflow in Ethereum; analysts predict a parabolic rally in ETH.
Vitalik Buterin doesn't expect Ethereum per-slot time, the time it takes to add a block to the chain, to reduce in the future and argues the altcoin is more decentralized than its competitors. Ethereum price could break out into a parabolic rally if the uptrend is preserved.
Analyst Benjamin Cowen predicts parabolic Ethereum price rally
In a recent Reddit thread, Vitalik Buterin, co-founder of Ethereum, argues that making block time faster could threaten the decentralization of the network. Solana, a key competitor with a highly centralized network, has a large economic advantage over the largest altcoin, for example.
A quick post explaining the current choice of block times (both pre- and post-merge) and the tradeoff between speed and decentralization/safety.https://t.co/jYlt9ODzzE pic.twitter.com/EuP9u7NCgX
— vitalik.eth (@VitalikButerin) February 6, 2022
Analyst Benjamin Cowen evaluated the Ethereum price trend and predicted an explosive rally in the altcoin. News of the next hardfork, reduced transaction fees, and higher institutional investment in Ethereum has fueled investors' bullish outlook.
The analyst notes that Ethereum price broke past long sideways trading and is ready to target $7000-$8000. Cowen said:
If we do come out of this downtrend, let's say by the summer, and we come back up to the prior all-time highs, and then Ethereum breaks out, and we start trending higher, maybe we get up to the $7,000-$8,000 level and then we have to go sideways there for half a year.
Recovering from the bloodbath over the past week, Ethereum price has crossed $3,000 and posted 10% gains over the past week. @kingthies, a cryptocurrency analyst and trader, believes that Ethereum price could hit $3,600 if the trajectory of the current uptrend continues.
$ETH at $3225 has resistance ahead just below $3300. Climbing beyond that expect $3.6k & $3.9k
— Crypto Thies (@kingthies) February 8, 2022
Supports laddering down from $3.1k, $2.9k pic.twitter.com/rxUPF6ClKs
FXStreet analysts have predicted that Ethereum price could liquidate bulls if it falls below $3,000.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.