- Ether price remained largely unchanged over the past 24 hours even after the Foundation revealed 80% of its treasury is held in ETH.
- Vitalik Buterin revealed the Ethereum Improvement Proposals that he personally promotes don’t even make it with his diminishing influence.
- Analysts reveal a bullish outlook for Ethereum, and believe ETH is closer to its bottom than it is to the top.
Ethereum creator Vitalik Buterin believes his influence on the ETH has diminished over the past few years. In a recent interview, Buterin revealed that he needs to alleviate people’s concerns to get his proposals accepted.
Vitalik Buterin is no longer influential
Ethereum price remained unchanged over the past 24 hours. Vitalik Buterin, the creator of Ethereum, told American tech entrepreneur and investor Naval Ravikant that his influence on Ethereum is not the same as it was six months ago.
Buterin revealed that he felt his influence on Ethereum “keeps decreasing,” and the Ethereum Improvement Proposals that he promotes take more effort to get approval from the community. It is a challenge and requires Buterin to alleviate people’s concerns about updates to the ETH network.
Ethereum’s creator told Ravikant,
I feel like my influence in Ethereum keeps decreasing every six months. I have less now than I did six months ago. Six months ago, I had less than I had a year ago. And a year ago, I had less than I had 18 months ago.
Buterin added that people in the Ethereum community need convincing to push ideas forward in a particular direction.
Proponents believe the diminishing influence of Vitalik Buterin on ETH could negatively influence investor sentiment. Further, the Ethereum Foundation recently revealed that 80% of its treasury is held in ETH. Experts have questioned the lack of stablecoin and fiat support in treasury, and there are fears of a potential price drop in the short term.
Still, Ethereum’s short-term HODLer percentage (supply less than three months old) hit a new low, and historically, when the indicator is closer to the bottom, it is considered a bearish sign. Ethereum price is, therefore, closer to bottoms than tops by HODLer behavior.
Crypto analysts at @IncomeSharks have an opposing view. Analysts have identified a double bullish super trend, and Ethereum could have the strength to move up quicker than people are expecting.
$ETH – 4h double bullish supertrends. If we have strength we are going to see a move up quicker than people are expecting. Stop losses below the bottom supertrend support in case it gets invalidated. pic.twitter.com/Co5IHWXSqM
— IncomeSharks (@IncomeSharks) April 21, 2022
FXStreet analysts believe the Ethereum price is on track to explode and hit the $3,700 target. Analysts have identified a triple tap setup in Ethereum and set an upside target at $3,700, and the downside is capped at $2,800.