The Ethereum Foundation has undergone a major leadership transition. Aya Miyaguchi, who served as Executive Director for seven years, has stepped into the role of President.

On February 25, Miyaguchi announced her move, marking a significant shift in the foundation’s leadership structure.

Aya Miyaguchi Becomes Ethereum Foundation’s President

In the latest blog, Miyaguchi explained that the shift would allow her to focus more on institutional relationships and expanding Ethereum’s cultural and philosophical influence.

“It’s been amazing to witness this growth of the ecosystem. Seven years ago, when I joined EF, Ethereum had fewer voices. Participation—both in building and securing the network—was concentrated in fewer hands and regions,” the blog post read.

Nonetheless, Miyaguchi emphasized that the network has evolved significantly, transforming into a decentralized and diverse ecosystem. She highlighted that a wide array of contributors—including developers, Layer 2 teams, application builders, and local communities—actively shape its future. 

She added that this expansion has bolstered Ethereum’s resilience and reinforced its commitment to decentralized, community-driven growth.

“This richness—where technical and social innovation intertwine and influence each other—isn’t just a feature of Ethereum; it’s the reason it endures,” Miyaguchi stated.

Ethereum co-founder Vitalik Buterin also praised Miyaguchi’s leadership, crediting her for Ethereum’s cultural and organizational stability.

“Every success of the EF – the steady execution of Ethereum hard forks, client interop workshops, Devcon, Ethereum’s culture and steadfast commitment to its mission and values, and more – is in part a result of Aya’s stewardship,” Buterin wrote.

Notably, discussions about Miyaguchi’s transition began a year ago. Just last month, Buterin confirmed that major leadership restructuring was underway.

However, Miyaguchi faced criticism from segments of the Ethereum community regarding the Ethereum Foundation’s leadership direction. Some community members, including a core developer, Eric Conner, pushed for Danny Ryan to be appointed the Executive Director. 

The situation escalated when certain users resorted to harassment against Miyaguchi, demanding her resignation. Amid this turmoil, Conner even left the Ethereum Foundation.

Ethereum Pectra Upgrade Fails on Testnet

Meanwhile, the leadership shift coincides with technical challenges facing Ethereum’s development pipeline. Holesky, an Ethereum testnet, faced a major issue during the Pectra upgrade.

According to the report by Ether World, the issue stemmed from a misconfiguration in deposit contract tracking among Execution Layer (EL) clients.

This prevented most clients from correctly tracking validator deposits, disrupting network consensus. Minority clients continued producing valid blocks, highlighting inconsistencies in client implementations.

The issue was specific to Holesky, with the mainnet and other test environments unaffected. Despite the disruption, the incident provided valuable insights into Ethereum’s resilience and upgrade process.

Ethereum price started a fresh decline from the $2,550 resistance zone. ETH is down over 10% and now attempts a recovery wave from the $2,300 zone.

• Ethereum is facing an increase in selling below the $2,550 zone.
• The price is trading below $2,550 and the 100-hourly Simple Moving Average.
• There is a short-term bearish trend line forming with resistance at $2,500 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could start a decent upward move if it settles above $2,500 and $2,550.

Ethereum Price Dives Over 10%

Ethereum price failed to clear the $2,650 resistance zone and started a fresh decline, like Bitcoin. ETH gained pace below the $2,620 and $2,550 support levels to enter a bearish zone.

The price declined over 10% and even declined below the $2,500 support zone. A low was formed at $2,309 and the price is now consolidating losses. There was a minor recovery wave above the 23.6% Fib retracement level of the downward move from the $2,855 swing high to the $2,309 low.

Ethereum price is now trading below $2,550 and the 100-hourly Simple Moving Average. There is also a short-term bearish trend line forming with resistance at $2,500 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,500 level. The first major resistance is near the $2,580 level or the 50% Fib retracement level of the downward move from the $2,855 swing high to the $2,309 low.

The main resistance is now forming near $2,650. A clear move above the $2,650 resistance might send the price toward the $2,720 resistance. An upside break above the $2,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,850 resistance zone or even $2,920 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $2,580 resistance, it could start another decline. Initial support on the downside is near the $2,420 level. The first major support sits near the $2,350 zone.

A clear move below the $2,350 support might push the price toward the $2,300 support. Any more losses might send the price toward the $2,200 support level in the near term. The next key support sits at $2,120.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,420

Major Resistance Level – $2,580

Pi Network’s token price finally stabilized after a market correction, staying steady despite broader volatility. The token’s daily trading volume also reached $500 million.

PI is also experiencing high inflation, and its market cap claims remain unverified.

Pi Network Shows Stability

Pi Network, a blockchain project that’s taken the crypto space by storm, is having an eventful few days. Binance updated the results of its recent community vote to list the token, confirming that the proposal had 86% support. However, its listing decision is still pending.

Despite broader concerns about a possible bear market, the altcoin is stabilizing after a brief market correction.

As March 14 (Pi Day) approaches, some fans are anticipating a major announcement from developers. The project’s official X account surpassed Ethereum’s follower total and is currently the fourth-most-followed crypto account on the website.

Of course, the recent Pi airdrop was the most valuable airdrop in history at $12.6 billion, so making an even bigger announcement would be difficult.

Over the last five days, 200 million Pi tokens have been put into circulation. This translates to an inflation rate of 0.634% per day and 231.41% per year, which are extremely high.

Also, CoinMarketCap data shows that PI’s market cap has exceeded $10 billion, which places it among the top 15 cryptocurrencies in the market. Yet, the platform has not updated its ranking, potentially because the market cap is self-reported and not independently verified.

“Pi Network is currently ranked at 3157 on CoinMarketCap due to its unverified market cap and circulating supply. But if the self-reported supply is accurate, Pi would have over a $10 billion market cap, placing it at 11-12,” wrote poular influencer Zoe.

Nonetheless, these claimed numbers are still unverified, and Pi Network has some harsh critics. Ben Zhou, CEO of Bybit, loudly called the project a scam, reminding his followers that the Chinese government regards the project as an outright pyramid scheme.

CoinMarketCap is apparently reluctant to list the token as a top contender at this early stage. Other major data tracking platforms like CoinGecko omitted the token’s market cap.

In short, the recent news cycle about the Pi Network has been very chaotic. Its supporters continue to build up the project’s international notoriety, but critics wonder if the whole enterprise is a bubble.