- Vitalik Buterin talked about what the future holds for Ethereum.
- Network growth for ETH declined, indicating waning interest from holders.
Despite the market volatility seen by the crypto markets, Ethereum[ETH] held on to its $3500 level. Vitalik Buterin's future plans for Ethereum could help add some momentum to ETH's price movement.
What's next for Ethereum?
Vitalik addressed the recent state of Ethereum and the direction the network will be taking going forward. He stated that for a while now, people have known that Ethereum needs to get better at handling large number of transactions. One way to do this was through rollups.
He mentioned that the Ethereum team needs to make rollups better in four ways: making data smaller, using new ways to check data, fixing problems with how transactions are done, and making everything more secure.
He stated that Ethereum is on the right track with these changes. But Buterin also mentioned that future changes won't be as big as the ones that have been executed recently.
Source: X
Trouble ahead
At press time, ETH was trading at $3,519.87 and its price had fallen by 1.5% in the last 24 hours. Despite the recent positive price movement showcased by the ETH, the overall network growth plummeted for ETH.
This indicated that new addresses had lost interest in ETH at the time of writing.
The decline in network growth suggested that the new addresses were not willing to acquire ETH at current price levels and may be waiting for a correction before accumulating.
Source: Santiment
Another troubling indicator for ETH was the waning interest shown by whales. AMBCrypto's analysis of Santiment's data revealed that the number of addresses holding 1-1000 ETH had fallen.
If whales continue to sell their holdings, it could prove to be detrimental to ETH's price.
Source: Santiment
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Technical difficulties
Moreover, the sentiment around Ethereum could be further impacted by recent developments around the network.
The Ethereum mainnet has recently encountered a disruption marked by the absence of blocks, sparking worries about the network's stability and functionality. As a result of this incident, Ethereum developers have initiated an investigation to delve into its root causes.
Source: X
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