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Ethereum price is up 0.5% over the last 24 hours and is trading at $2,607 as of 1:05 a.m. EST time, with trading volume down 36%.
It comes amid waning ETH euphoria after the hype over Ether Exchange-Traded Funds (ETFs) was priced in. As it stands now, the market has once again shifted focus to the Bitcoin ETF market.
This is because the trading volumes recorded by the institutions hit the roof shortly after the start of trading. Within 20 minutes, a trading volume of more than $1.2 billion was recorded, before the figures skyrocketed to $2 billion within an hour. By the end of that day’s trading session, trading volumes were approaching $5 billion
Here is the #Bitcoin ETF Cointucky Derby data via day 1 trading volume (higher volume will continue for a while).
The total volume was over $4.6 billion $GBTC about half of it. BlackRock & Fidelity were 1st and 2nd away from GBTC. pic.twitter.com/t70MzyQfZW
— James Seyffart (@JSeyff) January 11, 2024
Meanwhile, Vitalik Buterin, co-founder of Ethereum, has approved increasing Ether’s block gas limit by 33%. The measure is intended to improve network capacity.
Vitalik Buterin supports the increase #Ethereum gas limit by 33% to improve network capacity???? pic.twitter.com/WEIT0RHDh4
— Ajay Kashyap (@AllesAjay) January 11, 2024
Ethereum Price Hits a High as Crypto Executives Lobby for Ether Block Gas Limit Increase
During a Reddit AMA (Ask Me Anything), the Russian-Canadian innovator suggested increasing the limit from 30 million to 40 million units of gas. For the layman, the gas limit in the Ethereum network defines the maximum computational effort that can be spent on transaction processing and smart contract execution per block.
If the proposal is adopted, the network could support more transactions per Ethereum block while increasing capacity.
But Gnosis co-founder Martin Köppelmann says the move to increase the Ethereum gas limit would put pressure on nodes’ operational requirements. Ultimately, this could lead to more costs. Still, the Gnosis director appreciated the benefits associated with an increased gas cap, including improved network efficiency and capacity, adding that these benefits far outweigh the challenges.
now – this of course still does not mean that a limit increase is without disadvantages. Yes – it will increase the cost of running a node – but it can be done without sacrificing Ethereum’s stability and reliability promise and it will simply make Ethereum more useful. It increases…
— Martin Köppelmann ???????? (@koeppelmann) January 10, 2024
Other crypto executives who have expressed support for the proposal include Coinbase protocol leader Jesse Pollak. He said: “I am strongly in favor of increasing the Ethereum gas limit to 40-45 million – we have the network space and it will be beneficial for all parties.”
Ethereum Price Outlook Amid Considerations for ETH Gas Limit Increases
After a hard pump on January 9 that saw ETH’s market cap reach a high $2,689, Ethereum’s price appears to have peaked. Evidence of this is the moderate Relative Strength Index (RSI), where the momentum indicator indicates that the bulls are exhausted, characteristic of an overbought asset.
Nevertheless, the prevailing trend is still bullish, indicating that the uptrend may not be over yet. Investors with open long positions on the Ethereum price should consider leaving them open for now. However, those looking to open new long positions will likely have to wait until the Ethereum price posts a higher all-time high above $2,689.
Increased buying pressure above the high range could lead Ethereum price to reach the $2,800 level, or in very ambitious cases, extend gains to the psychological $3,000 level. Such a move would represent a 15% increase above current levels.
The position of the Awesome Oscillator (AO) in the positive region, coupled with the green histogram bars, indicated a bullish outlook. It shows that the bulls maintain a dominant presence in the ETH market.
Reverse case
On the other hand, Ethereum’s price could fall amid the exhaustion of buyers, as evidenced by its subdued RSI. This is unless buyer momentum is rejuvenated. One indicator of a possible pullback is that the price has crossed the upper band of the Bollinger indicator at $2,579. Based on the mean reversion theory, the breakout shows that the price of Ethereum has risen too much. The assumption here is that the price deviating substantially from the average or average will eventually cause it to return to the average price.
If a correction occurs, Ethereum’s price could fall back within the bounds of the ascending channel. While a break below the midline of the technical formation at $2,388 would be concerning, the bullish thesis would not be refuted until a candlestick close below the $2,135 support level.
Meanwhile, amid an extremely risky and volatile market, some savvy traders are shifting attention to LPX, one of the… Analysts’ top picks for the best AI coins to buy. The token is also among the top three in pre-sales.
Promising alternative to Ethereum
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#LaunchpadXYZ has a mission – and that is to ensure that everyone can understand how the Web3 markets work. ????
Learn how to create your own trading framework to give you the best chance of success. ????#Presale #Crypto #Web3 #Altcoins pic.twitter.com/GrdrtGp18F
— Launchpad.xyz (@launchpadlpx) January 8, 2024
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— Launchpad.xyz (@launchpadlpx) January 11, 2024
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Also read:
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