Key Points
- Ethereum’s co-founder, Vitalik Buterin, is advocating for a simpler base protocol for the network.
- Crypto analyst Cas Abbe predicts Ethereum (ETH) could surpass $8k by Q4 2025.
Vitalik Buterin, co-founder of Ethereum, is calling for a reevaluation of the network’s increasingly intricate architecture. He recently put forth the argument that Ethereum should transition to a more basic base protocol in the coming five years, akin to Bitcoin’s simplicity-first approach.
In a critique, Buterin pinpointed Ethereum’s sophisticated features which, upon reflection, provide limited practical value. He highlighted recent developments such as proof-of-stake and zk-SNARKs as beneficial, but also contributors to a bloated system.
Buterin’s Proposed Simplification
Buterin suggested a “3-slot finality” model, aiming to simplify consensus by eliminating elements like sync committees and epoch structures. His proposal also includes standardization across the protocol to decrease toolchain complexity and enhance accessibility.
This plea for simplification follows closely behind the Ethereum Foundation’s recent structural revamp. On April 28, Hsiao-Wei Wang and Tomasz K. Stańczak were appointed as co-executive directors, segregating operational leadership from long-term vision strategy.
Ethereum’s Current Market Status
At present, Ethereum (ETH) is trading at $1,828, with no significant change in the past day. Noted crypto analyst Cas Abbe pointed out that ETH’s monthly RSI has just retested a rare, multi-cycle support level.
Historically, such retests have resulted in substantial moves, each earlier retest leading to a surge of over 340%. Abbe explained that if this pattern repeats, ETH could exceed $8,000 by Q4 2025.
On the daily ETH price chart, the RSI is currently in neutral territory, indicating the token is neither overbought nor oversold. If the indicator ascends further, it may signal building bullish momentum.
Bollinger Bands are narrowing with the price nearing the upper band, suggesting a potential upcoming breakout. A daily close above the upper band near $1,900 could spark a short-term rally. Resistance could be expected at $1,950 and $2,100.
However, if ETH cannot maintain the middle band (20-day SMA), a drop below the lower band around $1,720 could occur.
As ETH is trading 62% below its all-time high of $4,891, analysts are urging investors to buy the dip amid bullish predictions. CryptoGoos described ETH as “historically undervalued,” with on-chain metrics indicating long-term accumulation.
