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Ethereum price is up 0.5% in the last 24 hours to trade for $2,607 as of 1:05 a.m. EST time, with trading volume dropping 36%.
It comes amid dissipating ETH euphoria after hype about Ether exchange-traded funds (ETFs) was priced in. As it stands, the market has again shifted focus toward the Bitcoin ETF market.
This is as the trading volumes recorded by the institutions hit the roof shortly after trading commenced. Over $1.2 billion in trading volume was recorded within 20 minutes, before the numbers skyrocketed to $2 billion within the hour. By the end of the day’s trading session, trading volumes were nearing $5 billion
Here’s the #Bitcoin ETF Cointucky Derby data via trading volume on day 1 (more volume will continue for a little while).
Total Volume was over $4.6 Billion with $GBTC about half of it. BlackRock & Fidelity went 1 & 2 absent GBTC. pic.twitter.com/t70MzyQfZW
— James Seyffart (@JSeyff) January 11, 2024
Meanwhile, Ethereum co-found Vitalik Buterin has endorsed the raising of Ether’s block gas limit by 33%. The move is intended to improve network capacity.
Vitalik Buterin endorses raising #Ethereum gas limit by 33% to improve network capacity pic.twitter.com/WEIT0RHDh4
— Ajay Kashyap (@EverythingAjay) January 11, 2024
Ethereum Price Tops Out As Crypto Executives Lobby For Ether Block Gas Limit Increase
During a Reddit AMA (Ask Me Anything), the Russ-Canadian innovator proposed increasing the limit from 30 million to 40 million units of gas. For the layperson, the gas limit in the Ethereum network defines the maximum computational effort that can be spent in transaction processing and smart contract execution per block.
If the proposal goes through, the network would be able to support more transactions per Ethereum block while at the same time enhancing capacity.
But Gnosis co-founder Martin Köppelmann says the move to increase the Ethereum gas limit would pressurize node operational requirements. Ultimately, this could lead to more costs. Still, the Gnosis executive appreciated the perks associated with increased gas limit, including enhanced network efficiency and capacity, adding that these benefits far outweigh the challenges.
now – of course this still does not mean a limit increase is without downsides. Yes – it will increase costs of running a node – but it can be done without compromising on the stability and reliability promise of Ethereum and it will make Ethereum simply more useful. It increases…
— Martin Köppelmann (@koeppelmann) January 10, 2024
Other crypto executives that expressed support for the proposal include Coinbase protocols lead, Jesse Pollak. He said, “I’m strongly in support of increasing the Ethereum gas limit to 40-45M — we have the network headroom and it will be beneficial for all parties.”
Ethereum Price Outlook Amid Considerations For ETH Gas Limit Increases
After a hard pump beginning January 9 that saw ETH market value hit a high $2,689, Ethereum price appears to have topped out. Evidenced of this is the subdued Relative Strength Index (RSI), with the momentum indicator suggesting the bulls are exhausted, characteristic of an overbought asset.
Nevertheless, the prevailing trend is still bullish, hinting that the uptrend may not be over just yet. Investors with open long positions for Ethereum price should consider leaving them open for the meantime. However, those looking to open new long positions should probably wait for Ethereum price to record a higher high above $2,689.
Enhanced buying pressure above the range high could see Ethereum price hit the $2,800 level, or in highly ambitious cases, extend the gains to the $3,000 psychological level. Such a move would constitute a 15% climb above current levels.
The position of the Awesome Oscillator (AO) in the positive territory coupled with its green histogram bars supposed the bullish outlook. It shows that the bulls maintain a dominant presence in the ETH market.
Converse Case
On the other hand, amid buyer exhaustion, evidenced by the subdued RSI, Ethereum price could pull back. This is unless buyer momentum is rejuvenated. One indicator for a possible pullback is that the price has broken past the upper band of the Bollinger indicator at $2,579. Based on the mean reversion theory, the breakout shows that Ethereum price has climbed too much. The assumption here is that the price deviating substantially from the mean or average causes it to revert to the mean price eventually.
On the off chance that a correction happens, Ethereum price could fall back into the confines of the ascending channel. While a break below the midline of the technical formation at $2,388 would be concerning, the bullish thesis would only be invalidated upon a candlestick close below the $2,135 support level.
Meanwhile, amid an extremely risky and volatile market, some smart traders are shifting attention to LPX, one of analysts’ top picks for the best AI coins to buy. The token also features among the top three presales.
Promising Alternative To Ethereum
LPX, which also is ranked among the best Web3 crypto projects top picks for future investing, is the native crypto for the Launchpad XYZ ecosystem. This is the go-to place for investors looking for the next 10X trades. The project spares you from the hassle of waiting on presale promises or the risk of being dumped on.
#LaunchpadXYZ has a mission – and that is to make sure anyone 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
The Launchpad XYZ presale has just finished the Kickstarter bonus stage of its presale, entering into the final 12 days of the presale.
Only 13 days left until our #Presale ends!
Don’t miss out on this opportunity to be part of the future of crypto trading.
Visit our website to get started! #LaunchpadXYZ #AltsSeason #Web3 #Crypto pic.twitter.com/4TtgEyMa89
— Launchpad.xyz (@launchpadlpx) January 11, 2024
So far, presale sales have surged past $2.5 million with investors buying LPX at $0.0445. Do not miss out on the chance to buy LPX at low rates.
Visit Launchpad XYZ website to buy LPX in the presale here.
Also Read:
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- Staking Rewards – Over 100% APY
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