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The Ethereum price dropped 3% over the past 24 hours to trade at $2,344.29 as of 11:50 pm EST.
Dencun Upgrades Hit Ethereum Testnets
The Ethereum ecosystem is edging closer to significantly lower gas fees and faster transaction speeds for Layer-2 rollups as the Dencun upgrade goes live on three testnets at the start of 2024. The first testnet to implement the upgrade was the Goerli network on Jan. 17. This included the implementation of nine different Ethereum Improvement Proposals (EIPs).
These proposals enable photo-danksharding and blob transactions, among other improvements set to increase Ethereum’s scalability. The Sepolia and Holesky testnets will be next in line to undergo the Dencun upgrade after the successful implementation on Goerli.
Nebojsa Urosevic, the co-founder of the Ethereum development platform Tenderly, said in an interview with Coin Telegraph that the Dencun upgrade will enable substantial storage improvements on the network. As a result, he added, “Dencun will probably lower rollup transaction costs by up to 10 times, depending on blob space demand.”
The Ethereum Price Breaks Below Bearish Channel
4-hour chart for ETH/USDT (Source: TradingView)
The Ethereum price dropped below the $2,440 support level in the last 48 hours. Since breaching this significant point, the leading altcoin’s price has plummeted to the $2,295 support level. ETH also dropped out of a medium-term negative price channel.
Some traders have identified the current Ethereum price as a buy opportunity, as the crypto rebounded off of the $2,295 support level earlier in today’s trading session. Should this newfound bullish momentum continue in the short term, ETH may re-enter the price channel.
A 4-hour candle close within this range in the next 24 hours may lead to ETH rising to the aforementioned $2,440 mark throughout the following few days. Reclaiming the $2,440 support could then set the Ethereum price up to break out above the bearish channel before potentially rising to as high as $2,685 in the short term.
This bullish thesis may be invalidated if the Ethereum price is unable to close a 4-hour candle within the descending price channel in the next 24 hours. Another situation that may prevent the bullish move from occurring is if ETH breaks below $2,295 in the next 72 hours.
Although reclaiming a position within the price channel would be a bullish development, the Ethereum price will still need to overcome the overwhelming sell pressure that led to the formation of the descending price channel before it can start climbing to major resistance levels.
Technicals Suggest A Pause In ETH’s Bearish Trend
Technical indicators on ETH’s 4-hour chart suggest the altcoin’s negative trend may be undergoing a short-term bullish reversal. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) show that buyers are starting to take back their strength from overpowering ETH sellers.
The RSI line is closing in on its Simple Moving Average (SMA) line, which may be an early indication of bulls gaining strength against bears. These two lines intersecting in the next couple of days could be the first confirmation of a bullish trend reversal.
Traders and investors will also want to keep an eye on the MACD line, which is rising towards its MACD Signal line, which could lead to a cross after the RSI and SMA line intersect. These technical flags, followed by a break above 2,440 by the Ethereum price, could be a long entry signal.
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