Ethereum has been in a slump recently. Not only are Defi developers fighting against Ethereum founder Vitalik, thinking that he does not understand decentralized finance, there are also a large number of communities mocking Vitalik , telling him not to have a girlfriend and to make a bid quickly. Just as the currency price turned around due to the Federal Reserve's interest rate cut, Ethereum also rebounded quite a bit on the morning of Friday (20th), rising from a level below 2,400 US dollars to a level of 2,550 Mg, a rare event in recent times. It rebounded immediately, and even exceeded 2,600 US dollars today (22) morning.
It also inspired many Ethereum holders, "It's finally gone up. No matter how it goes up, it rises less than Bitcoin and falls more than it does."
Extended reading: Vitalik’s “limited theory of DeFi development” was criticized, Uniswap: Vitalik is not responsible for raising the price of ETH
The whale took advantage of the situation and escaped?
However, even if it broke through the 2600 water level, an Ethereum whale with a very high winning rate recently fled at this time, triggering community discussions.
According to monitoring, the whale sold about 15,000 Ethereums, which were purchased for $1,567 in September 2022. This sale achieved an actual profit of $38.37 million.
It is worth mentioning that during the Federal Reserve’s “preparatory period for interest rate cuts” in the past six months, the whale made many accurate moves, selling a total of more than 70,000 ETH at an average price of US$3,062, achieving a total of With a net profit of US$100 million, he can be said to be a master of escaping from the top.
The whale still holds 26,638 ETH, and its subsequent operations are worth observing.
Is Ethereum a short-term negative?
Despite this, many recent Ethereum development news show that it may not be optimistic in the short term. First of all, Danny Ryan, the core figure of the Ethereum Foundation who was mainly responsible for The Merge, resigned last week. This is undoubtedly the loss of a senior Ethereum developer. Ryan's message to the community before leaving also made people think, "Please focus your time and energy on developing core values instead of chasing numbers. This is the way for Ethereum to succeed."
After the Dencun upgrade of Ethereum, there was no good news about the currency price. Therefore, Ethereum supporters are looking forward to better news in the upcoming Pectra hard fork. However, according to the conclusions of the Ethereum core developer meeting this Thursday, the Pectra hard fork cannot be upgraded in one go due to technical difficulties. It will be upgraded in two phases. The first one will be completed in early 2025 to initially introduce improved wallet experience. EIP-7702 and other eight proposals, but what is certain is that the first upgrade is a relatively small improvement, not the main Pectra hard fork content.
Extended reading: Reduce the risk of errors》Ethereum’s major upgrade “Pectra” will be carried out in two phases, with the first phase launching early next year
The second phase is the top priority, which is why the Ethereum core team is so cautious. It will introduce EOF, a proposal to improve the Ethereum Virtual Machine (EVM), and introduce the PeerDAS function to improve sampling availability, which will help Layer 2 improve Calling efficiency and versatility, but the specific upgrade time has not yet been concluded at the core developer meeting. It only states that after the first fork is completed, the time for the second fork will be evaluated as quickly as possible.
