As of 5 November, Vitalik Buterin tweeted the ‘updated roadmap diagram’ depicting the changes in store for Ethereum [ETH]. As can be witnessed, changes were made to The Verge and Scourge segments of the roadmap.
Updated roadmap diagram! pic.twitter.com/MT9BKgYcJH
— vitalik.eth (@VitalikButerin) November 4, 2022
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Here’s AMBCrypto’s Price Prediction for Ethereum [ETH] for 2022-2023
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Some new changes on the way
With the new updates in mind, Vitalik and Ethereum’s team aim at a fully SNARKed Ethereum and plan to solve MEV issues. These changes in the roadmap could hype up some investors about Ethereum’s optimistic future. However, there were other vulnerabilities that could act as a roadblock in Ethereum’s growth.
According to Messari’s tweet posted on 4 November, Ethereum witnessed a high correlation with overall macro markets. As can be seen, Ethereum’s price had a 88% correlation with real yields. If the correlation continues, Ethereum could be massively impacted by negative movements of the overall macro market.
Even though this correlation could make Ethereum riskier to buy, there are lot of traders who could profit from Ethereum’s growth. Furthermore, according to Glassnode, a crypto analytics firm, the percentage of addresses in profit reached a one month high of 58%. Subsequently, the number of addresses in losses also declined during the same period.
📈 #Ethereum $ETH Percent Addresses in Profit (7d MA) just reached a 1-month high of 58.010%
Previous 1-month high of 58.008% was observed on 02 November 2022
View metric:https://t.co/BUbkntqvVb pic.twitter.com/EbVI5Uysjz
— glassnode alerts (@glassnodealerts) November 4, 2022
Another positive for Ethereum would be its growth in terms of its median transaction volume. As can be seen from the image below, the median transaction volume grew significantly over the past month. As of 5 November, the median transaction volume for Ethereum stood at $66.42.
Source: Glassnode
ETH can you do better?
Despite all the changes in-store for Ethereum, the king of altcoins still needed to show improvements in other areas. For instance, Ethereum’s network growth declined immensely over the past month. This indicated that the the amount of new addresses that transferred Ethereum for the first time had declined.
Coupled with that, there was also a decline observed in Ethereum’s daily activity. The daily active addresses on the Ethereum network depreciated massively over the past month. As of 5 November, the number of daily active addresses on the network stood at 198,000.
Source: Glassnode
At the time of writing, Ethereum was trading at $1,617 and slipped by 1.77% over the last 24 hours.
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