3 reasons why Ethereum price might not hit $5,000 anytime soon

Ether (ETH) price has been in a downward spiral ever since the co-founder Vitalik Buterin presented at the StartmeupHK Festival 2021. In a fireside chat session on May 27, Vitalik stated that several internal team conflicts caused the Proof-of-Stake migration to delay its launch.

As reported by Cointelegraph, ‘Phase One,’ which introduces scalability through sharding, has been postponed to 2022. Furthermore, DeFi’s inherently decentralized nature might not be entirely beneficial because the sharding-style processing would need to run transactions through a relay chain.

Ether price in USD at Coinbase. Source: TradingView
Ethereum 7-day average gas fees in USD. Source: CoinMetrics

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