Whales Are Diving Into Ethereum – Could A 60% Price Spike Follow?

Christian Encila

9 months ago

3 mins read

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Analysts predicted that Ethereum price could exponentially increase as whales become more interested in the crypto asset, with whale activity hitting a six-week high.

Despite the projected growth, an Ethereum insider suggested that the cryptocurrency should address several key issues to ensure that it can continue to flourish.

Ethereum: Projected Price Upsurge

Analyst Bаsictrаdingtv stated that prices of Ethereum could skyrocket as there is a growing interest among investors to buy the digital asset, saying that a 60% price hike is highly likely to happen.

Blockchain data analysis firm Santiment identified a spike in whale activity on the Ethereum network and recommended a potential purchasing spree.

According to their recent update, whale activity reached a six-week high, with average holders accumulating Ethereum after the con’s recent price decline.

🐳 Ethereum’s whale activity spiked to a 6-week high as its price declined as low as $2.38K Friday. Historically, this is a sign of accumulation from high capital key stakeholders. Though not a guarantee this will have an immediate effect on prices bouncing, it is encouraging! pic.twitter.com/zcofdvszLF

— Santiment (@santimentfeed) October 26, 2024

Projections shown by market observers suggested that Ethereum prices could soar and hit the $4,000 mark with some analysts forecasting that it might even breach the $6,000 level.

Ethereum price growth could be fueled by its growing appeal to whales as demonstrated in the six-week high whale activity wherein more than 6,400 new wallets were made by large investors.

Bаsictrаdingtv also agreed that Ethereum prices could reach the $4,000 level. However, he hinted that the possible bullish breakout would be invalidated if the ETH price dipped to $2,000, saying that this “pricе zonе” is a key indicator that should be kept an eye on.

Ethereum is currently trading at $2,477. Chart: TradingView

Recalibrating Protocol For Growth

Meanwhile, Ethereum co-founder Vitalik Buterin said in a post that there are several issues that the cryptocurrency needs to address to thrive in the ever-evolving crypto space.

Buterin explained that one of these issues is to simplify its protocol and ensure its continuous growth, saying that the coin’s protocol has become more complicated and it already undermines Ethereum’s integrity and security. He said that simplification of the protocol could help address the said issue.

He explained that Ethereum has already implemented changes in the past, citing the removal of the SELFDESTRUCT opcode as an example. The SELFDESTRUCT opcode was known to complicate interactions among users and posed potential security risks.

However, Buterin cautioned that the removal of such features must be conducted in a systematic approach so developers could see the impact of such action before implementing the changes.

Solving The Storage Problem

Another critical issue raised by Buterin is the storage problem being experienced by the cryptocurrency.

Buterin said that Ethereum needs at least 1.1 terrabytes of storage to house its enormous historical data.

He suggested the implementation of “cryptographic proofs of the state”, adding that this solution will allow nodes to retain only a fragment of the histories.

He added that this approach is the same as the torrent system wherein nodes only keep pieces of data that intersect from one node to another.

At the time of writing, Ethereum is being traded аt $2,470, a 2.84% price dip in the last 24 hours. On the other hand, ETH’s trаding volumе went up by more than 30% to nearly $22 billion in only a single day.

Featured image from Forbes, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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