Crypto Gloom

Ethereum Price Prediction: This New Presale Reveals the Secrets of Web3 Cryptocurrency Trading as Vitalik Buterin Supports Raising Block Gas Limit for ETH.

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By Crypto Gloom

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The price of Ethereum has risen 0.5% over the past 24 hours, trading at $2,607 as of 1:05 a.m. ET, with trading volume down 36%.

This comes as Ethereum euphoria is fading after the hype around Ethereum exchange-traded funds (ETFs) was priced in. As things stand, the market has shifted its focus back to the Bitcoin ETF market.

This is because the trading volume recorded by institutions reached the highest immediately after trading began. Trading volume exceeded $1.2 billion in 20 minutes and soared to $2 billion in an hour. By the end of the day’s trading session, volume had reached nearly $5 billion.

Meanwhile, Ethereum co-founder Vitalik Buterin approved increasing Ethereum’s block gas limit by 33%. The move is aimed at improving network capacity.

Ethereum price hits record highs as Crypto Executive lobbies for increased Ether block gas limit.

In a Reddit AMA (Ask Me Anything), the Russ-Canadian innovator proposed increasing the gas limit from 30 million units to 40 million units. For laymen, the gas limit on the Ethereum network defines the maximum computational effort that can be spent processing transactions and executing smart contracts per block.

If the proposal passes, the network will be able to support more transactions per Ethereum block while improving capacity.

However, Martin Köppelmann, co-founder of Gnosis, said the move to increase Ethereum gas limits would put pressure on node operating requirements. In the end, this could end up costing you more. Nonetheless, Gnosis executives praised the benefits associated with increased gas limits, including improved network efficiency and capacity, adding that these benefits far outweigh the challenges.

Other cryptocurrency executives who have expressed support for the proposal include Coinbase Protocol Director Jesse Pollak. “I strongly support increasing the Ethereum gas limit to 40-45M. We have network headroom and this will be beneficial to all parties,” he said.

Ethereum price outlook considering ETH gas limit increase

Ethereum price appears to have peaked after a tough pump starting January 9th that saw the market value of ETH soar to $2,689. Evidence for this is the calm Relative Strength Index (RSI), along with momentum indicators that indicate the uptrend characteristic of overbought assets has been exhausted.

Nonetheless, the prevailing trend remains bullish, suggesting that the uptrend may not be over yet. Investors who have disclosed long positions in the Ethereum price should consider keeping those positions open for the time being. However, those looking to open a new long position will have to wait until the Ethereum price hits a high higher than $2,689.

Intensifying buying pressure above the top range could push Ethereum price towards the $2,800 level, and if very ambitious, the upside could extend to the $3,000 psychological level. Such a move would represent a 15% increase from current levels.

The location of the Awesome Oscillator (AO) in positive territory and the green histogram bar assume a bullish outlook. This shows that bulls remain dominant in the ETH market.

Ethereum Ethereum
TradingView: ETH/USDT 1-day chart

converse case

On the other hand, Ethereum price may decline amid buyer fatigue as evidenced by the decline in RSI. This is possible unless buyer momentum regains steam. One indicator of a possible decline is that the price has broken above the upper band of the Bollinger indicator at $2,579. According to mean reversion theory, this breakout shows that the price of Ethereum has risen too much. The assumption here is that if the price deviates significantly from the average or average, it will eventually revert to the average price.

If a correction occurs, the Ethereum price may fall back into the range of the rising channel. A break below the $2,388 mid-line of the technical formation is a concern, but the bullish argument will only be invalidated if the candle closes below the $2,135 support line.

Meanwhile, amidst extremely risky and volatile markets, some savvy traders are turning their attention to LPX, one of analysts’ top picks for the best AI coins to buy. This token is also included in the top three presales.

A promising alternative to Ethereum

Selected as one of the best Web3 cryptocurrency projects for future investments, LPX is the native cryptocurrency of the Launchpad XYZ ecosystem. This is the place to go for investors looking for the next 10X deal. This project saves you from the hassle of waiting for a pre-sale appointment or the risk of being sold.

The Launchpad XYZ presale has just wrapped up the Kickstarter bonus phase of the presale, entering the final 12 days of the presale.

So far, pre-sale sales have surged past $2.5 million as investors purchase LPX at $0.0445. Don’t miss the opportunity to buy LPX at a low price.

Visit the Launchpad XYZ website to purchase LPX in pre-sale here.

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