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Sirwin
Ethereum Concept Art by Along Tusk

Ethereum's Trials and Tribulations: The Challenging Journey Back to $2000

By XTRM™ | Cryptopia | 11 Jul 2023


Trouble at the mill? What is going on with ETH? Did someone throw in a spanner? And what should I have for Dinner tonight? Ethereum's Trials and Tribulations: The Challenging Journey Back to $2000.

Ethereum Concept Art by Along Tusk

Welcome, my ethereal cryptological friends, to another musing from the mesmerizing world of cryptocurrencies, where today we bare witness to the perplexing struggles of Ethereum (ETH) in its quest to re-conquer and re-court the coveted $2000 support level. It's a tale filled with nervous traders, technical transitions, and a sprinkle of digital drama. Slap yourselves awake, for we're about to unravel the enigma of why Ethereum keeps stumbling along despite its lofty aspirations... But before we go deep - I am sorry about the few days away... This involved many communication problems, a Fiancee, an AMTRAK from Portland, Oregon, to Wisconsin via Chicago, some steps downstair's to grab something from luggage, and a concussion... 

Ethereum Concept Art by Along Tusk

Ah so back at it, and for some the beloved crypto token Ethereum, the golden child... okay actually that's the silver child of the crypto realm. With its sort of nearly impressive blockchain technology empowering smart contracts and decentralized applications, it's no wonder traders eagerly watched its ascent... In the past topping $4000 - how things can change rapidly in crypto! But reaching the $2000 support level during 2023 has proved to be a test of endurance, like trying to climb Mount Everest while wearing huge clown shoes!

I can certainly attribute one reason to Ethereum's teetering journey the last couple of years - one would say it all can be attributed to the transition from the traditional Proof-of-Work (PoW) consensus mechanism to the oh-so-fancy Proof-of-Stake (PoS). Now then my ETH baking comrades, PoW you could say was like baking sourdough bread, requiring immense computational power and energy consumption. But PoS? It's like switching from baking bread to growing a bonsai tree in your garden. Less energy-intensive, but also less reliable for a hearty breakfast to be honest...

Ethereum Concept Art by Along Tusk

You see cherub's - traders are a unruly nervous bunch, always anxiously eyeing up the slightest ripple in the crypto pond. The PoS transition filled them with an uneasy blend of excitement and trepidation. Will the shift impact Ethereum's value? Of course it did... Will it continue to impact ETH price? Can we trust a system that relies on token holders instead of powerful mining rigs? These questions dance like gremlins in their heads, making even the most steadfast traders tremble.

The transition to PoS has indeed cast a shadow of doubt over Ethereum's trading. With PoS, a limited number of token holders are chosen to verify transactions and secure the network. It's like asking a busload of tourists armed with selfie sticks to defend a castle against an army of formidable invaders. You think they can handle it, but reality quickly proves otherwise! Unless you watch the movie 'Zulu'... What an epic tale of courage and bravery - both sides in this true story have an epic history - watch it if you have not seen it btw!

Zulu War by Along Tusk

The limited number of token holders in PoS means that a select few have disproportionate influence over Ethereum's fate. This concentration of power raises concerns about centralization and the potential for manipulation. Oh, the irony! Ethereum, the epitome of decentralization, now flirts with being a kingdom ruled by a chosen few.

Ethereum Concept Art by Along Tusk

This transition has caused a bout of technical hiccups and delays. It's like going on a road trip in a dilapidated clown car with an unreliable GPS system. Sometimes you're on the fast lane to success, and other times you're stuck in a confusing maze of uncertainty. These technical challenges have left traders feeling like they're attending a magic show where the tricks don't always go according to plan.

But enough with the jesting, my keen observers. Let's dive into some data and facts to back up our cryptocurrency circus... According to the latest figures, in the first half of 2021, Ethereum's market capitalization had reached a staggering $273 billion. However between those highs and presently in 2023 the fact is recent volatility has led to wild price swings, dropping Ethereum's value from a high above $4,000 to a low beneath $2,000. It's like riding a rollercoaster blindfolded, only to realize you've ended up in a slapstick silent movie starring Tarzan and Jane... Sooo much swinging!

Ethereum Concept Art by Along Tusk

And with that my ever curious companions, we find ourselves at a crossroads. Will Ethereum recover its footing and conquer the $2000 support level any time soon? Or are the challenges too insurmountable to challenge and stay above $2000? Is the transition to PoS the secret ingredient for success, or will it continue to stir up doubts in the hearts of traders? Share your insight, for in this unpredictable world of cryptocurrencies, laughter, humility and a collective logic might just be the best way to survive the wild ride in ETH territory that is ahead!

Oh and those clown's climbing Mt. Everest?

Rough Mock-up Of A Clown On Mt. Everest by Along Tusk

The one just made it... Stupid clown's climbed K2

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XTRM™
XTRM™

Cryptocurrency Investigator - XTRM™ PR - Taking a laid back look at Crypto while sneaking up on the Cryptocurrency Bad Guys. All investigatory reviews are my own findings during testing - Dig a little deeper! If Carlsberg made Crypto Blogs!


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