Ethereum Investors Optimistic As Scalability Improves and Solana Downturns

• Ethereum needs to defend the $1,180 support to sustain a 50-day ascending pattern.
• Layer-2 technologies like Optimistic Rollups have the potential to improve Ethereum scalability by 100x.
• The unexpected move negatively affecting the competing smart chain platform Solana may have helped to fuel Ethereum investors‘ expectations.

Cryptocurrency investors have been focused on the Ethereum network for the last fifty days, as the price of ETH continues to remain steady near the $1,200 mark. This stability has resulted in an ascending trend, which has the potential to take the price of ETH to $1,330 or higher by March 2023. To ensure that this trend continues, Ethereum needs to defend the current $1,180 support.

The recent migrations to a Proof of Stake in September 2022 and the upcoming network upgrades scheduled for 2023 have the potential to dramatically improve Ethereum’s scalability. Layer-2 technologies, such as Optimistic Rollups, have the potential to increase Ethereum’s scalability by up to 100x and provide off-chain network storage. Vitalik Buterin, the co-founder of Ethereum, has stated that the ultimate goal is for Ethereum to act as a base layer, with users storing their assets in a Zero Knowledge Rollup running a full Ethereum Virtual Machine.

The recent downturn in the competing smart chain platform Solana may have contributed to the optimism in the Ethereum market. This unexpected move has caused the price of SOL to drop by 97%, leading to a potential rebound in the near future.

Overall, Ethereum investors are optimistic that the recent migrations and network upgrades will help to improve the scalability of the Ethereum network. These improvements, combined with the unexpected downturn in the competing smart chain platform Solana, have helped to fuel Ethereum investors‘ expectations for the future.