- Coin Bureau host says Ethereum is at a pivotal point.
- Guy Turner says the SEC’s crackdown could indirectly damage ETH.
- The analyst identified increased adoption and upgrade implementations as positive Ethereum developments.
Ethereum is at a pivotal point, according to Guy Turner, host of the crypto YouTube channel Coin Bureau. In a recently uploaded video, Turner identified the crackdown on crypto staking and Proof-of-Stake (PoS) cryptocurrencies by the Securities and Exchange Commission (SEC) as could indirectly damage ETH. However, he noted that the increasing Ethereum adoption by institutional investors and an upcoming upgrade could potentially improve the fortunes of Ethereum.
Turner’s impression of the challenges of Ethereum includes an extension of the SEC’s crackdown targeted on DeFi and Stablecoins. Adding these to the ongoing regulatory challenges could be detrimental to Ethereum’s future.
Ethereum’s upcoming upgrade is one of the developments thought by Turner to sustain the rising trend that the flagship altcoin has experienced over the years. Turner believes Ethereum could take back market share from competing protocols after the upgrade.
According to Turner, ETH’s price has almost doubled since the beginning of the year. He attributed the price rally to a combination of macro factors, crypto factors, and fundamentals, such as ETH supply and ETH demand. He singled out liquidity as the primary macro factor, which has been positive for the first half of the year.
Turner explained that rising liquidity in the market is an outcome of the U.S. Treasury Department reaching its debt ceiling. Due to that, the US government spent money on the economy, adding to the bank bailout that happened in March.
Looking ahead, Turner predicted the upcoming EIP-4844 upgrade as a significant milestone for Ethereum. He explained that the upgrade, colloquially referred to as Proto-Danksharding, will allow Ethereum’s scalability to become comparable with centralized computer systems. It aims to address Ethereum’s main bottleneck to scalability, which is data availability.
There is currently no specific date for implementing Ethereum’s Proto-Danksharding upgrade. However, users expect it to happen in the second half of 2023.
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