Ethereum founder announces ‘forge ahead' steps but ETH is having none of it

Ethereum's ETH co-founder, Vitalik Buterin, recently commented about the king of altcoin's next steps. While attending the 2022 Messari mainnet event virtually, Vitalik said that the surge was the next move after its successful translation to Proof-of-Stake (PoS).

Timeline of Ethereum

The state of decentralized finance (defi) in terms of total value locked (TVL) has been tumultuous, to say the least, and currently the TVL in defi today is approximately $54.95 billion.

Ethereum (ETH/USD) price remained under pressure as the recent Merge failed to lift prices and the VIX index surged. The coin crashed to a low of $1,210, which was the lowest level since July 16 of this year. It has crashed by more than 35% from its highest level this month.

Ethereum price analysis is bearish today as we have seen a steady move higher with low momentum. Therefore, the resistance around $1,250 previous local high should be enough to reverse ETH/USD even lower.

One of the most heated debates surrounding Ethereum's transition to a Proof-of-Stake network focused on the issuance of ETH. The post Research: Is ETH inflationary or deflationary after the Merge?

In the midst of the bearish market cycle, Ethereum (ETH), the second largest cryptocurrency by market cap, has dropped nearly 30% from its September peak of $1,789. Most of the investors and traders expected September to be the most important month of the year for ETH, but the currency couldn't hold on to the claim.

Earlier this week, the host of the popular crypto market commentary show Coin Bureau discussed the pros and cons of Ethereum's recently-completed Merge upgrade. As you probably already know, on September 15, Ethereum completed its Merge upgrade, marking its transition from proof-of-work (PoW) to proof-of-stake (PoS).

Since the highly anticipated Merge event, Ethereum has performed poorly and was a turning point for the cryptocurrency sector. The Merge happened at the worst conceivable time, despite the expectation that it would increase investor confidence.

Ethereum's [ETH] circulating supply has dropped considerable since the much-awaited Merge. According to data from ultra sound money, the supply of the leading altcoin has increased by just 5,000 and an annualized inflation rate of 0.19% since 15 September.

The Ethereum hard fork token (ETHW) has been popular after playing off the popularity of the Ethereum Merge. The fork was carried out in a bid to keep Ethereum in its original proof of work mechanism, and the ETHW token resulted from it.

Earlier this week, the Securities and Exchange Commission (SEC) buried a very broad and very big jurisdiction claim 69 paragraphs down in a lawsuit about a 2018 initial coin offering (ICO) it claimed was an unregistered securities offering. The case involves an ICO for SPRK tokens issued by the Sparkster blockchain project.