As BTC price maintains its horizontal movement at higher levels, it gives altcoins the opportunity to experience a rise. Ethereum has once again surpassed the $2,350 level, showing promising gains of nearly 10% on the daily chart. Today, a Turkish team and Vitalik Buterin presented two different Ethereum improvement proposals. What’s the current situation?
Ethereum (ETH) Commentary
Ether, the largest altcoin by market value, is trading at $2,350 as of the time this article was prepared. Inefficiencies in the network and expensive transaction fees have recently made L1 competitors like SOL Coin and Ethereum L2 solutions like Arbitrum popular. A few hours ago, Vitalik Buterin initiated a discussion with a new consensus proposal that allows transactions to be verified with approximately 8,000 signatures instead of hundreds of thousands. This means they are aware of the problems and are thinking about solutions.
On the weekly chart, the struggle of the ETH price at the $2,200 level is significant, and new highs could be targeted with closures above $2,380. Unfortunately, today’s peak stopped at $2,376, but there is no need to be pessimistic as the agenda is calm and optimism for January is high.
Potential targets are the $2,527 and $3,000 levels. Since Sunday, liquidity has been moving in lower market cap altcoins, and we are seeing gains exceeding 20%.
ETHBTC Chart Commentary
With the approval of the Spot BTC ETF, investors are expected to turn their attention to the approval of the Spot ETH ETF, which is exactly what Ethereum’s price needs.
The chart we really need to look at is the ETHBTC pair, and something is happening here. On the weekly chart, the June 22 bottom was tested last week, and a reversal should now begin. Accordingly, closures above 0.05548 BTC should target 0.061, surpassing the selling area up to 0.05814. In this case, 0.07224 could be targeted, and hopes for a return to the 0.15 peak may emerge. The period when ETH’s price in dollars will experience significant gains will also begin with this breakout.
If ETH were at the $0.07224 level today, it would have had to exceed $3,100 at the current price. So even though we see a recovery in the dollar parity, the price is still at the bottom against BTC. The value of ETH against BTC in June 2022 is where ETH is now, and this tells us that the expected big rally could now begin.
