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Ethereum (COIN: $ETH) Investors Anticipate Bullish Wave as Vitalik Buterin Shares ‘Purge’ Upgrade Update

Ethereum (COIN: $ETH)

Ethereum (COIN: $ETH), the second largest cryptocurrency after Bitcoin (BTC) by market cap, is an open-source blockchain network that supports DApps. Users can safely execute their trades with a smart contract using the blockchain.

Ethereum is currently down by 5.22% primarily due to the influence of Bitcoin’s recent slide, regulatory uncertainties due to the SEC lawsuit, and macroeconomic trends. Despite these factors, ETH investors remain bullish. 

Investors Expect Bullish Momentum in Q2

As the cryptocurrency sector enters the second quarter of 2024, investors anticipate a massive surge in ETH prices based on historical data. Analysts note significant increases in the second quarter, with notable surges of 453% in 2017 and 102.25% in 2019.

Ethereum price history reveals an attractive pattern in Q2 of 2024, proposing a bullish momentum and a price gain of up to 67.19%.

One of the analysts, Ali, shared a snapshot of the ETH price chart with bullish historical price gains.

Q2 has historically been very bullish for $ETH!

However, we must consider the high probability that the @SECGov will delay the approval of a spot #Ethereum ETF, which may cause turbulence in the market.”

The compelling figures in the crypto analyst snapshot highlight Ethereum’s capability for a median gain of 15.32%.

Ethereum maintains considerable promise within the cryptocurrency sector. Despite temporary fluctuations in the market, Ethereum’s fundamental technology and strong ecosystem place it in a favorable position for ongoing development and advancement.

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Buterin Gives Update on “The Purge” Upgrade

Ethereum co-founder Vitalik Buterin shared new plans for the Ethereum protocol. He introduced The Purge, which will enhance the ecosystem, simplify, and decrease the node resource load. Implementing The Purge upgrade will simplify the platform and remove the old and excess data.

In addition to minimizing historical data storage, this phase notably decreases the hard disk demands for node operators and reduces the technical debt associated with the Ethereum protocol.

Furthermore, The Purge will also execute history expiration with EIP-4444, so the historical amount can not be exceeded. Consequently, nodes can choose to prune historical blocks that are more than a year old.

Vitalik said that EIP-4444 is great in decentralizing Ethereum nodes.

“Potentially, if each node stores small percentages of the history by default, we could even have roughly as many copies of each specific piece of history stored across the network as we do today.”

The co-founder also shared that Geth has removed thousands of lines of codes by discontinuing support for pre-merge (PoW) networks.

Coinbase CFO – Ethereum Not a Security

Alesia Haas, the CFO of Coinbase sees and believes that “Ethereum is not a security”. She said, “The core problem here is that we still do not have comprehensive crypto regulation at the federal level in the US.”

During an interview with Fortune, she said that both the SEC and CFTC have mentioned the same thing about Ethereum in the past.

Haas called for a “clear, fair, and implemented regulatory framework.” Adding that regulatory clarity would be a much better option for consumers. Additionally, she highlighted that clearer regulations would enable Coinbase to introduce more confidently compliant products in the US.

ETH Price Performance 

Ethereum is trading at $3,266.93, down by 5.02% in 24 hours and 8.92% weekly. The market cap is $300 billion with a 24-hour trading volume of $21 billion. Most traders long on Ethereum due to several factors and current developments happening in Ethereum 2.0 and Shiba Inu ($SHIB) because of its vibrant community.

Ethereum USD (ETH-USD)
Ethereum (COIN: $ETH)

Should You Buy $ETH?

Ethereum is in a good position to buy as the market is consolidated and Bitcoin is undergoing a correction, affecting other cryptocurrencies’ prices. Experienced traders are betting long on ETH considering its current developments and upcoming upgrade. However, watching the latest news and updates is important to make informed decisions. 

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