Ethereum Rebound: Price Rises as Support at $2197 Holds

Ethereum Rebound: Price Rises as Support at $2197 Holds
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ETH is currently trading at $2284, up 2.02% over the previous day.

The price will probably challenge the $2342 mark if it can get above $2301.

Anatoly Yakovenko, a co-founder of Solana, draws attention to a new phase of Solana and Ethereum interaction.

Ethereum Rebound: Price Rises as Support at $2197 Holds

From his perspective, Solana is Ethereum. This astounding idea paves the way for crypto interoperability.

Experts in cryptocurrency have long considered Solana to be an Ethereum competitor. However, Yakovenko’s recent comments are changing the narrative.

The co-founder recently expanded the potential applications of the bitcoin blockchain by implying on Twitter that Solana might be more than just Ethereum’s competitor.

Yakovenko specifically assesses Solana’s suitability to function as Ethereum’s layer 2.

Analysts predict that the upcoming significant update in January will accelerate the development of Ethereum’s ecosystem.

The Dencun Upgrade is expected to include features that increase the effectiveness of staking protocols and bridges, reduce the frequency with which smart contracts self-destruct, and minimize Ethereum mainnet transaction costs.

Ethereum layer 2 projects like Optimism and Arbitrum are expected to benefit greatly from this advancement.

Bitcoin has overtaken Ethereum in terms of transaction costs, and its price has recovered to levels observed in the 2017 cryptocurrency bubble.

The average monthly costs for Bitcoin are $19 million, significantly more than Ethereum’s $14 million.

According to statistics from CoinMarketCap, ETH is currently trading at $2291, up 2.02% over the previous day. In addition, trading volume has increased by 2.51%.

The price would probably rise further to challenge the $2342 resistance level if it is able to break above $2301.

Nonetheless, the price will probably test the $2154 support zone if the bears manage to push it below the $2193 mark.

Disclaimer: The information provided in this article is for informational purposes only and should not be considered financial or investment advice. Always conduct your research before making any financial decisions.

Ethereum Rebound: Price Rises as Support at $2197 Holds

Techno Tropics

Techno Tropics is a passionate tech enthusiast and the voice behind it, a leading source for daily updates on AI, big data, analytics, and cryptocurrency. Stay tuned for the latest tech news and insightful analysis.
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