The price of Bitcoin (BTC) is currently experiencing a sideways movement at higher levels, which is providing an opportunity for altcoins to surge. Ethereum (ETH), in particular, has regained the $2,350 mark, showing promising gains of nearly 10% on the day. A Turkish team, along with Ethereum’s co-founder Vitalik Buterin, has proposed two different Ethereum Improvement Proposals (EIPs), sparking discussions within the crypto community.
Ethereum, the largest altcoin by market capitalization, is trading around $2,350. The network’s inefficiencies and high transaction fees have recently made competitors like SOL Coin and Ethereum Layer 2 solutions like Arbitrum more popular. Vitalik Buterin has initiated a debate with a new consensus proposal that would allow transaction verification with approximately 8,000 signatures, a significant reduction from the hundreds of thousands currently required, indicating that solutions to these issues are being actively sought.
On the weekly chart, ETH’s struggle at the $2,200 level is noteworthy, and a close above $2,380 could target new highs. Although the current peak is at $2,376, the market sentiment remains calm and optimistic for January, suggesting there is no need for concern.
Potential targets for ETH are at the $2,527 and $3,000 levels. Since Sunday, lower market cap altcoins have seen increased liquidity and gains exceeding 20%.
Investors are anticipating the approval of a Spot ETH ETF following the approval of a Spot BTC ETF, which could provide a significant boost to Ethereum’s price. The ETHBTC chart is where significant activity is expected. The weekly chart shows that the June 22 low was tested last week, and a reversal should now commence. A close above 0.05548 BTC could lead to surpassing the 0.05814 sell zone and targeting 0.061, potentially aiming for 0.07224 and reigniting hopes for a 0.15 peak. This breakout could mark the beginning of substantial gains for ETH in dollar terms.
If ETH were at the 0.07224 level today, it would need to be over $3,100 in current prices. Although there has been a recovery in the dollar parity, ETH’s price is still low compared to BTC. Its current value is similar to that of June 2022 against BTC, suggesting that the anticipated major rally could be on the horizon.