This optimism is supported by a growing number of wallets holding over 1,000 ETH and increasing institutional interest, particularly through Ethereum ETFs. At the same time, PlutoChain ($PLUTO) could be the long-awaited solution to Bitcoin’s ongoing network and transaction hurdles.

With its advanced Layer 2 technology, it might boost scalability and streamline network operations, potentially making Bitcoin’s system more efficient and adaptable.

Let’s explore this further.

Ethereum (ETH) Announces a Series Of Upgrades to Potentially Hit a New ATH – Technical Data Shows What’s Happening

Ethereum (ETH) is trading at approximately $3,325, with a 1.73% increase over the past 24 hours. The 24-hour trading volume stands at around $26.26 billion, with a market capitalization of about $407.64 billion.

During this period, ETH’s price fluctuated between $3,264.93 and $3,472.06. The Relative Strength Index (RSI) is currently at 45, indicating a neutral market position.

The next support level for Ethereum is $3,350. If it breaks this target, it could try to stabilize at $3,500 before testing $3,800.

Ethereum received a significant boost when the U.S. SEC approved Ether-based ETFs. While initial inflows have been slower compared to Bitcoin ETFs, this move signals growing institutional interest in Ethereum.

On the technical side, Ethereum’s transition to Ethereum 2.0 continues to focus on solving scalability challenges, improving security, and competing with platforms like Solana and Cardano.

In early 2024, the network launched the “Dencun” upgrade—combining the Deneb and Cancun updates—which aimed to reduce Layer 2 transaction fees and enhance scalability.

Looking ahead, the “Pectra” upgrade, scheduled for early this year, promises even greater performance enhancements. This includes speeding up validator activation and reducing deposit recognition times from hours to just minutes.

Analysts are also weighing in on Ethereum’s price action. Crypto General on X predicts ETH will bounce off its local support trendline and possibly hit a new all-time high of around $6,000.

Meanwhile, Nilesh Rohilla expects a climb to $3,500 before a drop to $3,000, advising a long position at $3,340 with a stop-loss at $3,270.

PlutoChain ($PLUTO) Could Upgrade Bitcoin with Smart Contracts, L2 Technology, and DeFi Integration

For a long time, Bitcoin users often faced challenges like network congestion, slow transaction speeds, and high fees.

PlutoChain ($PLUTO) offers a hybrid Layer-2 solution designed to potentially address these issues. With a parallel network on top of Bitcoin’s blockchain, it might reduce traffic, lower costs, and improve scalability.

Bitcoin’s 10-minute block time has long been a limitation, especially when compared to faster networks like Ethereum and Solana.

PlutoChain’s Layer-2 technology introduces 2-second block times, potentially enabling efficient smart contract execution. This could leverage Bitcoin’s secure infrastructure while broadening its use beyond just being a store of value – a factor likely influencing recent Whale purchases.

PlutoChain is also EVM-compatible, meaning developers may easily migrate Ethereum projects to Bitcoin’s ecosystem. This could unlock new possibilities for DeFi, NFTs, and even AI-driven applications.

In testing, its network processed 43,200 transactions daily without delays, showcasing its ability to handle real-world demands.

To ensure security, PlutoChain has passed audits from SolidProof, QuillAudits, and Assure DeFi. Regular code reviews, stress testing, and regulatory compliance further increase trust.

Governance is community-driven, with users voting on proposals for upgrades and features through the official Discord, encouraging transparency and collaboration.

The Bottom Line

Ethereum is on solid ground, with upgrades like Dencun and Pectra strengthening its scalability and security, while the approval of Ether ETFs enhances its appeal to institutional investors.

At the same time, PlutoChain may bring a powerful new approach by combining scalability, security, and a community-driven model.

Its technology could transform Bitcoin into a more versatile platform for blockchain development.

Though still in its early stages, PlutoChain shows potential as a project to keep an eye on.

Please remember that this article is purely informational and not financial advice. Any and all cryptocurrencies are volatile, with prices prone to rapid changes. Always do your own research and consult an expert before joining any crypto venture. We are not liable for any outcomes based on the information in this article. Statements about the future entail risks and may not reflect updates.

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