ETH To Rally To $2000, Dormant Ethereum Wallet Turns Active in 8 Years

The world's second-largest cryptocurrency Ethereum (ETH) has shown an upside move of 3% shooting past $1,900 in the early trading hours of the Asian market. ETH follows Bitcoin price gains as hopes over the US increasing the debt ceiling, ignite.

Timeline of Ethereum

Ethereum, the world's second-largest cryptocurrency by market capitalization, has witnessed a significant surge in its mean block size, reaching a new 1-month high. This milestone was recently announced by Glassnode, a renowned on-chain analysis platform.

Security breach in Jimbos Protocol, a liquidity protocol operating under the Arbitrum system, resulted in a significant loss of 4,000 Ether (ETH), approximately worth $7.5 million, on May 28.

Global investment manager VanEck says Ethereum (ETH) could hit $51,000 in less than seven years if certain conditions align. In a new research report, VanEck lays out its base, bear and bull cases for Ethereum's performance going into the end of the decade.

In the past 21 months following the implementation of Ethereum Improvement Proposal (EIP) 1559, Ethereum's London hard fork has witnessed staggering destruction of over 3.33 million ether, valued at a jaw-dropping $6.1 billion. The burn rate currently stands at approximately 3.51 ether per minute, further solidifying the network's unique burning phenomenon.

In the past 21 months following Ethereum's London hard fork, the network has witnessed the destruction of over 3.33 million ether, valued at $6.1 billion. At present, roughly 3.51 ether is burned every single minute.

Ethereum Price Prediction: Over the past four days, the cryptocurrency market experienced a notable increase in buying activity, leading to an upsurge in several major cryptocurrencies. As a result, the Ethereum price rebounded from the local support of $1790 and jumped 3% higher to challenge the overhead resistance of $1870.

The rise of Ethereum (ETH) as a formidable digital asset has caught the attention of financial experts, including Real Vision CEO, Raoul Pal. A notorious Ethereum bull, Pal believes that the platform's latest updates could pave the way for a substantial surge in value.

As Ethereum continues to waver amid a broader downturn in the crypto market, one pundit has ignited a fervent debate with a bold prediction regarding the second-largest crypto asset.

The cryptocurrency protocol "Jimbo's Protocol" has reported a loss of 4,090 ETH, equivalent to approximately $7.5 million at the current Ethereum price. This significant breach was not the result of typical hacking strategies, but a flaw within the protocol itself — specifically, a lack of slippage control in liquidity-shifting operations.

This article will discuss the topic of MEV bots, which are a series of individuals who exploit powerful hardware and specially designed techniques to make a profit in the business of producing blocks in the Ethereum blockchain.