Ethereum price has evaded a sharp bearish dominance on Monday with a 15.82% surge in the trading volume round the clock. On the other hand, the broader crypto space has been slowly retracing the previous highs. Yet, the Ethereum network remains unusual as their founder Vitalik Buterin signals the rollups to encounter the prevailing challenges regarding scaling and gas fees.
Ethereum Price Target Set to $5555 in Next Bull Cycle!
September month was pretty bearish for the star altcoin, moreover Chinese market turmoil hurt the price. The asset has managed to gain the substantial potential of around $2900 to $3100 prior to the major leg up. However, the ETH price soared in a steady upward channel to reach $4700.11 on November 15th.
Further, the asset has undergone a requisite correction post the massive rally. Further, in its recent move, the asset has managed to generate substantial support around the $4000 mark. A crypto analyst Eloquent predicts Ethereum’s price to reiterate the identical pattern to acclaim $5555 by the end of December.
Vitalik Buterin Reveals Ethereum Scaling Roadmap!
Ethereum’s co-founder Vitalik Buterin imparted a roadmap with the aim to scale the network and chop off the transaction fees. In short-time, long-time, and medium-time frames, new rollups could ameliorate the glitches related to scaling and high transaction fees for the Ethereum network.
The current rollups utilize transaction call data. Hence, in order to boost rollup capability and decrease fees, the platform has taken the initiative to lessen the transaction call data. Further, in order to ascertain the high degree of security and prevention of trader’s data from potential cyber-attacks, the foundation is set up to implement an enhanced sharding mechanism.
Collectively, things are looking positive for the Ethereum price rally. If the asset manages to replicate the October trend pattern, then the star altcoin would easily claim the pinned target of $5555 by the end of December. However, as the foundation has been scheduled a launch of several rollups to resolve the existing glitches, sentiments are bullish for the asset.
Source: https://coinpedia.org/ethereum/ethereum-take-actions-to-reduce-gas-fees/
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