Ethereum

Bank AI

Bitcoin

Standard

Foundation

Ethereum, the <a href="https://news.todayq.com/ethereums-increased-volatility-and-bearish-price-action-pattern-whats-next/" target="_blank" rel="noopener noreferrer nofollow">biggest altcoin</a> is dealing with high selling pressure amid increasing expectations of a breakout. However, ETH showed some signs of revival by gaining 4% in the last 30 days. Bitcoin recorded a drop of over 1% in the same period. However, there are still major questions hovering over the future of Ether. Where does Ethereum stand? 
According to the experts, the future of Ethereum hangs in the balance as the blockchain faces challenges and opportunities. The points of argument are ETH’s current limitations, including its sluggish nature, and high transaction costs. However, the emergence of Layer 2 (L2) solutions is affecting its popularity.&nbsp;
The entire Ether ecosystem, comprising all projects, recently recorded a 24 hour volume of just $650 million. This shows a need for a strategic shift. It has recorded a jump of more than 7% in its total value locked (TVL) to stand at $30.5 billion.
On the other hand, Solana has turned out to be a major player and gainer in this list. SOL network had recorded a gain of around 17% in the last 30 days. Its TVL stands at $1.64 billion. However, its 24 hour trading volume stood around $566 million.
Solana is on its way up as SOL price jumped by more than 32% in the last 60 days. While Ethereum price dropped by 2% in the same time frame. What are the challenges? 
Amidst these challenges, the spotlight is on the potential approval of spot Ethereum Exchange-Traded Funds (ETFs) by the Securities and Exchange Commission (SEC). Standard Chartered Bank in a report anticipated a regulatory approach similar to the one followed for Bitcoin ETFs. After rejections it pav its way for approval by the initial final deadline on May 23. If approved, experts suggest ETH prices could surge, potentially reaching $4,000.
Ethereum is trading at an average price of $2,330, at the press time.
Geoffrey Kendrick, head of Standard Chartered Bank’s forex and digital assets research, bases this optimism on the SEC’s non-classification of ether as a security in legal actions against crypto companies. Additionally, ETH’s listing as a regulated futures contract on the Chicago Mercantile Exchange adds weight to the expectation of spot Ethereum ETF approval.
Meanwhile, Ethereum co-founder Vitalik Buterin and the Ethereum Foundation are exploring ways to optimize the blockchain for a “rollup-centric roadmap.” With a focus on rollups in the medium and long term, Buterin and researcher Toni Wahrstätter propose solutions to reduce Ethereum’s maximum block size. The effective block size has doubled over the past year, prompting considerations for increased efficiency.
Get Crypto Trading Signals from Real Crypto Analysts. Join our Waiting List at todayq.com

Only thing that can save Ethereum is ETH ETF?

Todayq News

Other articles published on Feb 6, 2024

Internet Computer (ICP) and Chainlink (LINK) Investors Say Pushd (PUSHD) Has Big Potential as Pre...

Massive $29.3 Million Whale Transfer Threatens XRP Price With More Sell Pressure

ICP and BONK Limited Market Movement, Investors Eye Rebel Satoshi for Higher Earnings

Taki Games and Game7 Make Web3 Loyalty Accessible To Mainstream Gamers (6 Feb)

Crypto Exchanges Face Security Challenge With New AI-Generated Service

ENS and GoDaddy Join Forces to Enhance Web3 Transition

Join our free newsletter for daily crypto updates!