As Ethereum turns 10 years old, the crypto community has gathered to celebrate the network that helped shape the industry over the past decade, with anecdotes from industry leaders and bullish predictions for Ether’s (ETH) upcoming price action.
Ethereum Hits 10-Year Milestone
Ethereum and the crypto community are celebrating the blockchain’s 10th anniversary by highlighting some of the ecosystem’s key events since 2015. These include the ICO craze that allowed startups to raise millions through token sales, the boom of non-fungible tokens (NFTs) that transformed digital ownership, and significant milestones like The Merge, which transitioned Ethereum to a proof-of-stake model. The introduction of spot exchange-traded funds (ETFs) has also been a hot topic as institutional interest in Ethereum grows.
In an X post, Unchained host Laura Shin listed some of Ethereum’s milestones, emphasizing its first place in client diversity, Total Value Locked (TVL), and the impressive number of developers contributing to its ecosystem. Notably, she highlighted the network’s remarkable achievement of maintaining a 100% uptime rate over the past decade, showcasing Ethereum’s reliability as a foundational layer for decentralized applications.
One of Ethereum’s early developers, Lefteris Karapetsas, reflected on the journey, sharing nostalgic photos from July 30, 2015, when the network first launched. He reminisced, stating, “We were a small team of hackers in an office in Kreuzberg in Berlin, and we had just launched the Ethereum network. The rest is history. Looking back at the last 10 years, I am excited about the next 10 years, the next 25, the next 100.” Such sentiments encapsulate the spirit of those who were there at the beginning and the anticipation surrounding future developments.
Coinbase CEO Brian Armstrong shared an interesting tale about how the U.S. immigration system inadvertently “contributed” to the inception of Ethereum. He recounted meeting Vitalik Buterin at the 2013 San Jose Bitcoin conference, where Buterin showcased his insights on blockchain technology. Armstrong revealed that he had attempted to hire Buterin for Coinbase, but immigration issues forced him back to Canada. Armstrong quipped, “While he was stuck in Canada, he created Ethereum,” highlighting a serendipitous twist of fate. This anecdote drew a humorous response from Bankless co-founder David Hoffman, who noted that “Coinbase almost prevented Ethereum from ever happening.”
ETH’s Birthday Fun Delayed?
On its birthday, ETH aimed to reclaim the pivotal $3,800 mark, a level analysts regard as the “last major resistance” before a potential new price rally. While the cryptocurrency had attempted to break through this threshold multiple times over the past week, it had faced setbacks with two failed attempts. Just earlier that week, ETH experienced a brief surge, reaching a seven-month high of $3,941. Unfortunately, market dynamics shifted, and Ethereum found itself drawn back into a local range.
During the anniversary celebrations, ETH encountered a 4% dip, settling around the $3,680 mark. This decline was somewhat fueled by the U.S. Federal Reserve’s decision to maintain interest rates, which rippled through the crypto market. Yet, the resilience of Ethereum was evident as it quickly rebounded from the initial market reaction, during which $212 million in liquidations occurred within just an hour.
Analyst Ali Martinez expressed optimism, stating that as long as the $3,300 support zone remains intact, ETH could be gearing up for a move towards $4,220 and potentially even $5,140, using the MVRV Pricing Bands as a reference. Concurrently, market observer Merlijn The Trader remarked on the liquidity dynamics at play, asserting, “ETH is gravitating toward $4,000, the largest wall of resting orders in months. One clean push… and it detonates.” These insights highlight the current market sentiment surrounding Ethereum as traders and investors keep a watchful eye on price actions.
As of this writing, ETH is trading at approximately $3,760, reflecting a 5% uptick over the weekly timeframe. This modest growth underscores the ongoing interest in Ethereum and the potential for further advancements in both its technology and market position.
