Ethereum Is Looking Good To Skyrocket Here's Why
Ethereum has been primed for a while now to skyrocket in price. With NFTs backing it up and still being all the rave along with the thousands of platforms that use the Ethereum blockchain it's good to go for a rally.
However...
There's been on thing holding it back and as of today that seems to have subsided and with it a refresh rally for the crypto currency.
EIP- 1559 was holding back Ethereum you can read the full details on it here...
https://leofinance.io/@bitcoinflood/ethereum-passes-eip-1559-but-what-to-use-till-then
In general this update is to remove miner rewards and burn extra Ethereum crypto thus reducing the supply of it. This along with everything else is a catalyst for a major rally.
- More use cases
- Highly hyped and trending
- Huge profits being made
- Gearing up for POS which will lock up more Ethereum thus reducing the supply even more!
I don't think you could look for better signals than that.
April 1st was a rally call for Ethereum miners to attempt a 51% attack on the network because they were ticked off about the removal of the high fees.
That day has come and passed and with it not even close at all to a 51% attack.
This is a proposed EIP starts with 3ETH and drops it by 0.25 every quarter till 1 ETH over a 2 year span. It's unclear if this will be implemented or not but if it is it would provide a bit of a buffer to miners instead of the hard cut off. It also would most likely be deployed along side of EIP-1559
So far expected April 14, 2021 is the Berlin mainnet launch. While that's the date currently of course it could change by a few days depending on how fast blocks get mined. Normally we see a bit of a slow down as things start to chain over thus it would push this date back. However is more and more people mine it instead speeds it up for a bit till the blockchain can recalculate.
This upgrade to Berlin will include the following
- EIP-2565: ModExp Gas Cost
-- Lowers the cost of the Mod Exp precompile; - EIP-2929: Gas cost increases for state access opcodes
-- Increases gas cost for SLOD, CALL, EXT, BALANCE and SELFEDESTRUCT when used for the first time in a transaction; - EIP-2718: Typed Transaction Envelope
-- Introduces a new transaction type which envelopes them allowing for support for multiple transaction types - EIP-2930: Optional access list
-- Adds transaction type which contains an access list, a list of addresses and storage keyes that the transaction plans to access. This helps to reduce the gas costs increase from EIP-2929
While most of us will not even notice these changes they are geared to help smooth out the system and make it more efficient as well as starting to prepare it for other future changes such as EIP-1559 which we should see some time around August still a while out.
OpenSea is one of the largest NFT marketplaces and with it they will be working with Immutable X which will enable their gas-free layer-1 protocol build on Ethereum.
This is going to open up a wave of new NFTs entering the markets on Ethereum and with that trigger some of the biggest buys on the network.
Visa announced a few days ago it will be handling transactions through USDC which runs on the Ethereum blockchain.
All of this put together paints a very positive picture for Ethereum and reinvigorates the markets and demand for it. Upcoming reductions, fees are slowly being removed (one of the biggest slow downs for this blockchain right now) New updates which gives hope that the development of the chain continues unlike many such as Bitcoin.
This is why I believe over time Ethereum holds a good chance of actually kicking Bitcoin out in the dominance race. It wont be this year but 3-5 years down the line I believe it to be true.
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https://twitter.com/bitcoinflood/status/1378166679599996929
And if the new update succeeds, Ethereum is on a date with a new summit, and I believe that by the end of this year, Ethereum will reach at least 5k.
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Updates is one thing and to secure staking pools for ETH 2 but to me the main driver of ETH is institutional hedging while it’s not been announced as much as Bitcoin institutions are stacking up small reserves of ETH as a hedge against their BTC play to just have an allocation in it
Despite all ETHs obvious problems it’s still far better than most of the chains down below it basically trying to copy it and say we cheaper ETH we ETH with readable names!
Come on so many lame as gimmicks, no one users your chain but you an ETH killer lol!
I do own a few ETH but I’m still not convinced on the scaling solutions they have in play! Computation on chain just seems too resource intensive but happy to be proven wrong a lot of smart people are working on the problem
I hope they do it this time around it's been 3 nearly 4 years since we where told ETH would scale.
Although I appreciate all the technical data you shared, I doubt investors haven't bought into it based on its flaws. I still believe that this market has anything with fundamentals based pumps. It's still in its speculative bubble.
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Oh for sure I feel like we have been over bought since 35k - 40k on bitcoin Ethereum would most likely be around the $1,400 level for overbought for me. However this rally has lasted FAR longer than that of 2017 2017 was a rather quick one of a span of around 2-3 weeks if not shorter.
What I do like seeing however are things are being done this time around and use cases are much higher.
BTC will be overbought at over $200,000. It doesn't peak at 2x the past bull cycle ATH. We're not even near the euphoria stage.
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