Ethereum: Analyst sees ETH drop to $420


© Reuters

Investing.com – Ethereum experienced the same situation as the rest of cryptocurrencies last week. Against the background of the collapse of , the losses accelerated. Ether is thus more than 50% below its historic high.

Recent market turmoil has given Ethereum founder Vitalik Buterin pause. For example, he had to admit to himself that he was the beneficiary of certain developments in the field of digital assets that did not really correspond to his vision of the world.

“I have a dislike for many modern applications of blockchain finance. At the same time, I appreciate that this stuff is a big part of what makes the crypto ecosystem work and funds all my cool DAO experiments/ governance”.

From his point of view, Ethereum should also be a blockchain capable of facing any adversity. An idea that has certainly gained prominence following recent events, but the reality is different, as Buterin explained:

“There is a contradiction between my desire to make Ethereum an L1 capable of withstanding truly extreme circumstances. Because at the same time, I am aware that many important apps on Ethereum already rely on much more fragile security assumptions. than anything we consider acceptable in the design of the Ethereum protocol”.

Added to this is the fact that Vitalik Buterin believes that the development of the crypto industry is far too slow. For many who work in this field, crypto is equated with assets that are easy to speculate with. But blockchain technology can do much more:

“There is a dichotomy between my wish to see crypto grow beyond the financial sector and my finding that the financial sector (including payments+SoV) is still by far the most successful sector for crypto-apps. *Specially* among Third World people, human rights activists and vulnerable people in general.”

The founder of Ether thus shows that the entire industry still has many challenges to meet, both technically and ethically, and that it is still far from benefiting from the attention it deserves. would deserve.

For months, the situation has continued to deteriorate. But the already talked about crypto winter is probably far from over. 22V Research analyst John Roque expects it anyway.

According to him, the could still fall by 80 percent. This would mean that we would see the $420 mark before a new sustainable rally begins, as reported by Bloomberg.

By Marco Oehrl

Leave a Comment