Vitalik Buterin Slashes L1 Complexity—Is Ethereum (ETH) Gunning for $8K by December?

Ethereum’s co-founder just dropped a bombshell proposal to streamline Layer 1—and traders are already pricing in a moonshot. Can ETH defy its usual Q4 volatility and punch through the $8K barrier? Or is this just another ’upgrade hype’ cycle for bagholders to endure?

Fun fact: Wall Street still thinks ’gas fees’ are what you pay at the pump.

ETH Price Analysis: Quiet Accumulation Phase

On the daily ETH price chart, the RSI is currently hovering in neutral territory, suggesting the token is neither overbought nor oversold. If the indicator moves further upwards, it may indicate bullish momentum is building. 

Bollinger Bands are tightening with price approaching the upper band, indicating potential for an upcoming breakout. A daily close above the upper band NEAR $1,900 could trigger a short-term rally. Traders could expect resistance at $1,950 and $2,100.

However, if ETH fails to hold the middle band (20-day SMA), a drop below the lower band around $1,720 could happen.

As ETH trades 62% below its all-time high of $4,891, analysts on X are suggesting investors to buy the dip amid bullish predictions. CryptoGoos described ETH as “historically undervalued,” with on-chain metrics pointing to long-term accumulation. 

$ETH is historically undervalued pic.twitter.com/KPQdWyLpy8

Vitalik Buterin’s Simplifying the L1 Call: Will Ethereum (ETH) Soar Past $8k by Q4?