Ethereum price holds support above $2,200 as analysts project price hike to $4,200 amid $ETH Foundation's new trillion-dollar security plan.

Ethereum is trading around $2,500, down more than 1.6 percent in the past 24 hours, despite the Ethereum Foundation launching its network security initiative aimed at supporting the trillion-dollar on-chain.

The new project, called the "Trillion Dollar Security" initiative, was announced on May 14, and is part of Ethereum's broader effort to become the trusted infrastructure for global finance.

According to the Ethereum Foundation, the initiative is focused on making Ethereum secure for large-scale institutional and retail use.



Amidst this upgrade, analysts are speculating on Ethereum's price potential after holding above the $2,200 support and hope to continue predicting a sharp breakout to $4,200 soon.

Ethereum Foundation Trillion-Dollar Security Upgrade

The Ethereum Foundation said in an x-post that the new program will review every part of the Ethereum network.

It includes wallets, smart contracts, user experience, and consensus mechanisms. The foundation said that it is preparing for a future where Ethereum handles more users and more money.

Fredrik Svants, Protocol Security Lead, and Josh Stark of the Ethereum Foundation Management Team will lead the work.

They will be supported by a team of consultants with longstanding expertise in blockchain and cybersecurity.

Samczsun, who founded the Security Alliance, will serve as a consultant. Mehdi Zero Ali from Sigma Prime and Zack Auburnt from Etherealize will also be involved in the project.

The first step is to assess the weaknesses and strengths in the $ETH network as the price of Ethereum looks to recover above $3000.

The Ethereum Foundation also announced that contributors from the ecosystem and the public will provide feedback using a public form on the foundation's website.

Three-phase plan to guide network upgrades

The Ethereum Foundation explained that the program is in three main phases. The initial step would involve identifying security issues in the technology stack. This includes wallet design, smart contract architecture, and Internet exposure.

The second phase will involve applying fixes and rolling out updates to address identified issues. Some improvements will happen quickly, while others will require lengthy planning and coordination.

The foundation said it will work with developers, auditors, and community members to implement upgrades that could be the basis for an Ethereum price breakout.

In this final phase, the Foundation plans to better define Ethereum's security features.

It aims to educate users, institutions and governments on the differences between Ethereum and other blockchains and traditional systems.

Education and better transparency provided to the general public is expected to increase trust in Ethereum, as seen in recent whale accumulations.

Ethereum price rally is pushing to new highs.

Amid the announcement of the initiative, the price of Ethereum has surged. Over the past week, the price of $ETH has increased by more than 50%, reaching a high of $2,750.

Despite the decline, Ethereum's derivatives market activity remains strong, with trading volume up 25.00% to $121.09 billion and open interest up 4.52% to $32.33 billion, according to Quinglass.

Also, crypto analyst Rose Premium now sees Ethereum price holding a strong support range between $2,000 and $2,200.

If Ethereum holds above this level, analysts expect a move to $3,000 and beyond. ETH price targets include $3,063, $3,566, and possibly $4,201, according to market data.

"If ETH holds the previous breakout zone as support, a continuation towards $3,000+ becomes highly possible," he said.

According to its chart, the Ethereum price has broken out of a long-term downtrend and could continue its rally if the current support holds.

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