- A major Ethereum whale kept flipping between buying and selling.
- The Ethereum Foundation brought in two new leaders to fix internal issues.
- Community backlash forced a delay in Ethereum’s EOF upgrade.
A major Ethereum wallet saw a major increase in transaction activity on Monday, which suggests doubtful market conditions for the cryptocurrency. The whale made purchases of 14,994 ETH from blockchain records, which cost a total of $27 million at a price point of $1,801.
Transactions were carried out by exchanging USDT for swaps and contract interactions on decentralized finance platforms. A whale transacted 4,491 ETH within minutes of its purchases and received $8.07 million at an average price of $1,797.
The whale spent another $3.2 million on WETH-to-WETH exchanges converted to USDT. A previous transaction revealed the whale approved $1.7 million USDT, enabling them to trade on 1inch and perform several WETH, ETH, and USDT swaps.
Ethereum Foundation Adopts the Co-Executive Leadership Model
This news as the Ethereum Foundation (EF) endorsed two executive leaders, namely Hsiao-Wei Wang and Tomasz Stańczak, during their recent leadership restructuring. Since assuming their positions at the foundation, both top executives have written a blog about its upcoming initiatives.
The new leadership model involves a team-based approach to handling complex challenges by considering various perspectives. The executives stated their dedication to leading Ethereum within its core principles by focusing on strategic planning and organizational coordination.
The change in leadership occurred when Aya Miyaguchi was promoted from executive director to take the presidency of EF due to concerns about resource management and efficiency issues.
The foundation experienced growing concerns about unnecessary spending and technical direction problems while Miyaguchi was in charge. Tomasz Stańczak showed his dedication to promoting open organizational protocols while building faster community participation measures.
The organization began by redistributing duties to provide co-founder Vitalik Buterin more independence for technological research and development. The foundation signifies this move as a wide-scale transformation of its organizational structure.
Community Pushback Delays Ethereum’s EOF Upgrade in Fusaka
The Ethereum Object Format (EOF) integration plans for Fusaka face delays because users in the community showed their resistance to the initiative. The Ethereum Improvement Proposals (EIPs) combine various EOF proposals to enhance the Ethereum Virtual Machine (EVM) smart contract analysis mechanism.
The EOF protocol intends to authorize smart contract parameters before deployment, therefore deploying smart contracts differently from the present verification process. The proposal met opposition from within the community because critics doubted the necessity of its complicated changes.
Caversaccio and Kostantopoulos, who serve as developers and CTO at Paradigm, expressed their opposition to the proposed implementation. According to Caversaccio, the complex nature of EOF surpassed any advantages it could offer to the Ethereum ecosystem.
Technical Indicators Point to Potential ETH Price Breakout
The weekly Ethereum price chart demonstrated indicators that pointed toward market recovery because traders bounced off a vital support area. The price reacted by reversing direction when reaching support zones before choosing $2,200 as its next resistance level.
The rise in trading volume reached about 15% last week, demonstrating that more investors were buying into ETH. The ETH price charts developed a declining wedge pattern throughout the previous two months, typically indicating bullish trend reversals.
