Ethereum (ETH) price is down 1.53% today, September 28, to trade at $2,665 at the time of writing. The drop mirrors the downtrend across the broader crypto market as stalled talks between the US and Iran push oil prices higher and weaken demand for risk assets.
Amid the bearish price action, Ethereum founder Vitalik Buterin has stated that the Hegota upgrade will be the last “normal fork” on the blockchain before the focus shifts towards quantum safety.
In a recent blog post, Buterin noted that the Hegota upgrade that will take place in 2027 will be the “last normal fork” on Ethereum where the features and technology would still look familiar to someone who looked at the network in 2015.
But after this upgrade, Buterin says that Ethereum will transition into something more powerful than simply a blockchain.
“Everything after that involves recursive STARKs, automated formal verification, highly optimized consensus algorithms, and making it all quantum-safe,” Buterin noted.
An earlier report by CoinGape had also noted that Buterin plans to make Ethereum fully resistant to quantum threats by the end of 2029, with Hegota being the first step to establish whether future forks on the network can be quantum-resistant.
Data from CryptoQuant shows that the inflows to altcoins have increased by 45% in just a few months to more than $371 billion.
Analyst Darkfost also notes that 87% of altcoins on Binance are currently in a bullish momentum, with this suggesting that there is some form of euphoria that is taking hold among altcoins.
The analyst notes that these gains call for caution because the gains are not sustainable and could run out of steam. Darkfost also adds that the RSI for the total altcoin market cap is creating a bearish divergence as the momentum for altcoins begins to fade.
The euphoria warning comes as Ethereum value drops below the support at $2,700, as US-Iran talks stall after President Trump rejected Iran’s 7-day ceasefire plan.
Ethereum price has created a buy signal on the four-hour chart after the RSI line crossed above the signal line.
The crossover comes as Ethereum price nears the resistance of a descending trendline at $2,703.
If Ethereum price can close above this resistance at $2,703 while the RSI line creates a higher high, it could kickstart a move towards the psychological resistance at $2,800.
However, Ethereum’s move towards $2,800 is dependent on whether the market fully prices in the impact that the rising oil prices will have on risk assets.
Still, the AO bars that are red and negative support a bearish long-term Ethereum price forecast . These bars suggest that bears are tightening their grip and ETH price could drop to support at $2,500.
Ethereum’s drop to $2,500 could occur if retail selling coincides with increasing outflows from ETH ETFs.
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