Leadership Disputes and Eric Conner’s Departure

On January 21, Eric Conner, one of Ethereum’s leading developers, announced the end of his 11-year active participation in the Ethereum community. At the core of this decision were criticisms directed at leadership changes implemented by Ethereum founder Vitalik Buterin.

Vitalik Buterin, declaring himself as the sole authority in Ethereum Foundation (EF) management, stated:

“The person deciding the new EF leadership team is me. One of the goals of the ongoing reform is to give the EF a ‘proper board,’ but until that happens, it’s me.”

This statement created discomfort among some community members who felt it contradicted Ethereum’s decentralization ideals. However, another segment supported Buterin’s leadership until the completion of leadership innovations. Conner positioned himself among those opposing this situation.

Breaking Away from Ethereum and A New Journey

Eric Conner explained his reasons for leaving Ethereum as “understanding the importance of community and adaptation to change.”

Announcing his new roadmap, Conner revealed that he has transitioned to the artificial intelligence field and will initially work on developing an AI tool called Freysa.ai. He also expressed his openness to collaborating on other artificial intelligence projects.

Leadership Restructuring at Ethereum Foundation

On January 18, Vitalik Buterin announced a major change in the Ethereum Foundation’s leadership team. The primary purpose of these changes was to emphasize technical expertise and establish better communication between developers in the Ethereum ecosystem and the foundation.

These changes came after the Ethereum Foundation’s expenditures, roadmap, and personnel decisions were criticized by the community throughout 2024.

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Onchain options protocol Derive states that data shows the chances of Ethereum reaching the anticipated $5,000 mark by the end of 2024 are less than 10%. However, significant inflows into spot Ether exchange-traded funds (ETFs) point to an impending “supply-side crisis.”

In a market report on December 10, Derive’s research director Sean Dawson said that the probability of Ethereum reaching $5,000 by December 27 peaked at 16%, but has recently dropped to just over 8%.

Ether’s chances of reaching $5,000 by the end of the year have decreased by about 50%. Source: Derive.xyz

According to CoinMarketCap, ETH needs a 37% increase from its current price of $3,669 to reach $5,000. Dawson added, “The distribution of call and put options for ETH is balanced, indicating a neutral market sentiment.”

TradFi is Scooping Up Cheap ETH!

Pseudonymous crypto trader CoinMamba, in a post on X on December 10, stated…

“My target for ETH is still $5,000 by the end of the year,” he said. “Do what you will with that information,” he added.

At the time of publication, Ether was trading at $3,661. Source: CoinMarketCap

Meanwhile, in an X post on the same day, Eric Conner stated that the $305 million in daily inflows into Ether ETFs on December 10 signal an impending “supply-side crisis.” Ethereum educator Anthony Sassano added, “TradFi is gobbling up the cheap ETH.” According to Farside data, $202.2 million of the $305 million in inflows came from the Fidelity Ethereum Fund.

Ethereum Is Expected to Reach a New ATH This Week

This follows a statement from Bankless podcast host Ryan Adams on December 9, suggesting that a new all-time high for Ether “could happen” within the next week.

Ether’s current all-time high is $4,878, reached in November 2021.

Meanwhile, pseudonymous crypto trader Pentoshi, in an X post on December 9 to his 830,900 followers, said Ether is experiencing “structural changes and the beginning of significant ETF flows.”

Highlighting that ETH had its “highest weekly close of the year,” Pentoshi echoed Adams’ sentiment, suggesting that the retest of Ether’s all-time high could happen sooner than many traders anticipate.

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