- Ethereum’s co-founder, Vitalik Buterin, urges for more innovation in blockchain.
- Buterin highlights potential of cryptocurrency for decentralization and security.
- Ethereum’s price increased to $1636 after US CPI data release.
During the recent Permissionless event by Blockworks, Ethereum’s co-founder, Vitalik Buterin, had a conversation with David Hoffman, where he shared his aspirations for Ethereum
Buterin underscored the importance of creating Sybil-resistant systems to guarantee genuine user engagement in decentralized social networks, free from manipulation. Unlike the existing Web2 landscape, the co-founder highlighted the capacity of cryptocurrency-based solutions to enhance decentralization, privacy, and security.
Buterin’s foresight for what’s to come underscores Ethereum’s flexibility and the potential of Web3 to pave the way for a more distributed and safe digital environment.
Short-term Recovery
The recent U.S. CPI data release was met with a favorable response from the cryptocurrency market. The U.S. Bureau of Labour Statistics’ Consumer Price Index (CPI) report indicated that annual U.S. inflation reached 3.7% in August, surpassing the consensus forecast of 3.6%.
Bitcoin successfully ascended to a value of $25,540. Concurrently, Ethereum experienced a price increase, peaking at $1636, although it encountered resistance at this level. Currently, at the time of this report, ETH is being traded at $1620, marking a 1.69% increase over the past 24 hours.
Should the price successfully surpass the peak of $1636, it is expected to encounter the subsequent resistance level at $1655. On the other hand, if the price drops beneath the $1541 support level, a new downturn is strongly predicted. The price will likely challenge the $1431 support level in this case.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
