Ethereum Fails to Reclaim $2,000 in February

Ethereum (ETH) fell short of reclaiming the coveted $2,000 price point in February despite a 1.26% increase by the end of the month.Ethereum’s performance was mainly tied to Bitcoin’s (BTC) movement as it weathered the bearish storm that persisted throughout February. Although the asset began the month with a solid start, the bears took control of the scene on Feb. 9, resulting in a huge 6.37% intraday loss. However, amid the prevalent price fluctuations throughout February, investors’ confidence remained strong, as evidenced by a cluster of massive deposits into the ETH 2.0 contract.

In the midst of Ethereum’s price movements, Vitalik Buterin, the creator of Ethereum, noted that transaction speed and gas fees require further improvement. Buterin highlighted his personal experience in a recent blog article and noted significant and unpredictable delays between when he makes a transaction and when it gets accepted on the chain. He emphasized the need to improve the user experience of Ethereum-based wallets, especially in terms of transaction inclusion.

Furthermore, data from Glassnode reveals that the total value of the ETH 2.0 deposit contract reached a 9-month high of $27.3 billion worth of ETH, and Santiment disclosed that the cumulative holding of the top 10 non-exchange Ethereum whale addresses surpassed 25 million ETH, indicating a massive increase in whale accumulation.

As Ethereum prepares to welcome the Shanghai upgrade, developers should focus on fixing the UX of their platforms, especially regarding transaction inclusion, as noted by Buterin. Although Ethereum failed to reclaim the $2,000 price territory in February, its performance remains promising, and the network’s potential for growth continues to attract investors.

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