Despite ongoing price fluctuations and bearish trends, Ethereum is witnessing a surge in new user adoption, increasing by 40% last week. This growth could drive demand and influence ETH’s price positively. Vitalik Buterin’s proposed RISC-V upgrade aims to enhance the network’s scalability and efficiency, potentially leading to a price target of $10,000 in the longer term, according to some market experts.
Ethereum has recently exhibited significant volatility in its price, showcasing a bearish trend over the previous months. Despite this price weakness, there is a notable increase in network activity, indicating a surge in new investments into the Ethereum blockchain, suggesting robust user growth and engagement.
Recent data from the on-chain platform IntoTheBlock shows Ethereum’s new user adoption rate has spiked to 40% last week, highlighting strong interest among first-time users. This surge occurs amidst broader market adjustments and suggests that interest in Ethereum’s technology and its practical applications extends beyond pure speculation.
The influx of new users is expected to impact the price trajectory of ETH positively, potentially fuelling increased demand and contributing to short-term price rises. Additionally, Ethereum’s founder, Vitalik Buterin, has recently announced a significant upgrade to the network, further instigating optimism across various investor segments regarding ETH’s long-term potential.
Buterin’s proposed RISC-V upgrade aims to enhance the Ethereum Virtual Machine (EVM), focusing on scalability and cost-efficiency improvements. This upgrade is intended to resolve existing performance issues and facilitate easier development, positioning Ethereum to sustain its leadership in smart contract technology.
With these developments, Ethereum appears positioned for a renewed phase of bullish performance. Cryptocurrency analysts, including Ash Crypto, speculate that these upgrades could set the stage for ETH to reach a price target of $10,000 in the future, tapping into long-term investor sentiment.
Investor insights from Trader Tardigrade further reveal that ETH’s current market correction is part of a three-phase trend leading towards a potential all-time high. The expert categorizes the movement into phases: a markdown phase, a recovery phase with price breakouts, and a mark-up phase, suggesting that phase C is already underway and could be pivotal for the altcoin, driving prices significantly higher by the end of this phase.
