After facing strong selling pressure over the past week, the world’s second-largest crypto market has posted a bounce recently. Ethereum (ETH) is currently trading up 5% at a price of $1,253 with a market capitalization of $153 billion.

The recent price surge in ETH is due to renewed whale activity on Ethereum. In the last 24 years, over 600 ETH transactions worth over $100K have been made on the Ethereum blockchain. Since the dip buys on December 16, ETH whale transactions have reached their highest levels. On-chain data provider Santiment explained:

What #altcoins they have warmed up, #ethereal it quietly rallied above $1,260 for the first time in 3 weeks. Although not at the level of the large whale purchases of December 16 (ETH local price floor), whales are showing increased interest again.

The last year of 2022 witnessed one of the harshest crypto winters in the history of the markets. ETH along with several other altcoins witnessed price corrections of up to 70% over the past year. Heading into 2023, the Ethereum co-founder has shared his bullish outlook for the platform.

Vitalik Buterin shares his bullish outlook for Ethereum

As we are entering a phase of great global macro uncertainty, Ethereum co-founder Vitalik Buterin has shared his bullish outlook for future development of the platform.

The Ethereum co-founder has confirmed the release of the Ethereum Improvement Protocol (EIP) 4884 times this year. Responding to a post by Balaji Srinivasan, former Coinbase CTO Vitalik Buterin said that he was looking forward to reaching the “basic summary” milestone as outlined in the ETH roadmap.

Hit the “Basic Summary Escalation” milestone in my roadmap diagram.

That means:

* EIP-4844 implemented
* Rollups by partially taking off the training wheels, at least up to “stage 1” as described here https://t.co/qNQonDQkzG pic.twitter.com/7HePctWw1l

— vitalik.eth (@VitalikButerin) December 31, 2022

However, the Ethereum boss also pointed out several areas where cryptocurrencies need fixing and solutions. This includes making user accounts more secure for average users along with scalability, privacy, and user experience. Vitalik Buterin strongly believes that decentralized finance (DeFi) will be an important part of the future financial system.

Bhushan is a FinTech enthusiast and has a good knack for understanding financial markets. His interest in economics and finance draws his attention to the new emerging markets of Blockchain technology and cryptocurrencies. He is continuously in a learning process and stays motivated by sharing the knowledge he has acquired. In his spare time, he reads thrillers and sometimes explores his culinary skills.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrency. The author or publication has no responsibility for your personal financial loss.