Ethereum is up by 1.29% in the past 24 hours. At 10:13 AM GMT+3, Ethereum is trading at $2337.97. Ethereum’s trading volumes are up by 11.38% to stand at $10,412 012 924. Ethereum was the only top ten cryptocurrency still in the green at the time.
Ethereum’s resilience in the day comes when a much-awaited Ethereum upgrade has overcome a significant challenge. After overcoming challenges, the upgrade known as Dencun went live on the Sepolia testnet. This is according to a tweet by Nethermind.
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Welcome data blobs! The Dencun upgrade is live on the Sepolia testnet ✅
All Nethermind nodes are progressing well! pic.twitter.com/usVqLIegyA
— Nethermind (@NethermindEth) January 30, 2024
The Dencun upgrade is a big deal as it brings proto-danksharding to Ethereum. The idea behind proto-danksharding is to reduce transaction costs and enhance scalability for Ethereum layer-2 networks. Once it goes live on the Ethereum network, Dencun will see Ethereum gain the ability to scale by up to 100k TPS. The ongoing testnet of Dencun will be completed on February 7th, after which it will be implemented on the Ethereum mainnet.
News of the positive progress in the testing of Dencun will likely keep driving buying momentum into Ethereum in the foreseeable future.
Ethereum Bounces Off Key Support As Buying Volumes Rise
Ethereum’s price shows that it is holding strong above the $ 2,200 price level. Despite intense selling pressure earlier in the week, buying momentum around the $2200 price level has seen the price bounce back. However, buying momentum is still weak, and depending on broader market dynamics, Ethereum could retest $2200.
ETH/USD Chart Source: TradingView
If bears can push Ethereum through the $2200 support, then Ethereum could easily test prices around $1930 in the short term.
However, if the news on Dencun keeps driving up buying momentum, then bulls can expect some resistance at $2714, the highest price Ethereum has tested in the month. Pushing through this price could see Ethereum hit $3000 in the short term.
Ethereum Price Prediction: Bulls Need Caution
While Ethereum has bounced off a key support level, buying volumes look weak on the day charts. This signifies that while many don’t expect a drop below $2200, there has been no significant catalyst to help give Ethereum a major upside push. This means any weakness in the broader market could lead to a reversal.
However, with news of a successful testnet launch of an Ethereum scaling solution, buyers could come in large numbers and push Ethereum toward $3000.
As such, traders with a long-term view of Ethereum could take advantage of current prices. However, investors seeking parabolic returns in the short term have been turning to small-cap cryptocurrencies. One such cryptocurrency that is drawing a lot of attention is Gorilla.
GORILLA, A Meme Coin With A Mix Of Hype And Utility
Gorilla is one of the top trending meme coins today, reflected in its price. In the last 24 hours, GORILLA has rallied by 101%. It is currently trading at $0.004331 with a market capitalization of $3.4 million.
Gorilla is unique because it has a solid use case besides the usual hype that comes with meme coins. This is in the form of a Dao launching feature. It also has a platform that allows investors to Swap between DEXs, thereby allowing traders to maximize their trades by cutting costs and taking advantage of fast trade executions.
A Team That Values The Token
One unique aspect of GORILLA is that the team seems keen on seeing the token grow beyond short-term hype cycles. This is evident because the fees generated from the various activities in the GORILLA ecosystem will be channeled back into the GORILLA token.
As usage grows, so does the liquidity and value appreciation of the GORILLA token. This, coupled with GORILLA’s low market capitalization of just $3 million, gives it significant room for growth going into the future.
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