{"id":567032,"date":"2023-12-27T00:00:58","date_gmt":"2023-12-27T00:00:58","guid":{"rendered":"https:\/\/wncen.com\/?p=567032"},"modified":"2023-12-26T16:36:06","modified_gmt":"2023-12-26T16:36:06","slug":"ethereum-remains-bullish-gas-fees","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-remains-bullish-gas-fees\/","title":{"rendered":"Forget High Gas Fee Challenges, Ethereum Remains Bullish: Time To Buy More?"},"content":{"rendered":"

Despite concerns over network congestion and high gas fees, Ethereum remains bullish in the long term, according to borovik.eth–a partner at Rollbit, who\u00a0<\/span>posted<\/span><\/a> on X on December 26. The key factors driving the positive outlook are pointing to Ethereum’s developer ecosystem, its role in the broader blockchain ecosystem, and the launch of numerous Layer-2 solutions (L2s).\u00a0<\/span><\/p>\n

Will Layer-2 Activity Drive ETH To New Highs?<\/span><\/h2>\n

Borovik.eth remained deviant and optimistic about ETH, even with Solana (OSL) and other layer-1 coins like Cardano (ADA) soaring in 2023. In the analyst’s view, Ethereum’s scaling challenges are manageable, believing that developers will find ways of “resolving this concern permanently over the long term.”<\/span><\/p>\n

Related Reading: Worldcoin Shows Bullish Breakout, Analyst Predicts 80% Rally<\/a><\/div>\n

Based on this optimism, the Rollbit partner believes that ETH will likely recover strongly in the coming sessions considering the level of development, especially of layer-2 scaling options meant for the pioneer smart contract platform. According to Borovik.eth, the development of layer-2 off-chain options backed by massive companies, for instance, C<\/span>oinbase, a crypto exchange, and venture capitalists (VCs), positions Ethereum (ETH) favorably for a bull run.<\/span><\/p>\n

As of December 26, ETH remains in an uptrend but is cooling off after solid gains in Q4 2023. At spot rates, ETH is underperforming most layer-1 platforms like Injective Protocol (INJ) and Solana (SOL), whose prices rallied, reaching new 2023 highs. ETH prices are still trending below $2,400, a critical resistance level. If bulls overcome this line, ETH may fly towards $3,500 or better in the months ahead.<\/span><\/p>\n

\"Ethereum<\/a>
Ethereum price trending sideways on the daily chart | Source: ETHUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

The spike in SOL’s valuation, especially in H2 2023, has led to a comparison with ETH. Even so, most traders are optimistic. Arthur Hayes recently stated that users should begin rotating funds from SOL to ETH, an endorsement of the second most valuable coin by market cap.<\/span><\/p>\n

Ethereum Layer-2s Manage Over $18.8 Billion<\/span><\/h2>\n

While Ethereum faces challenges around on-chain scaling, developers have been working hard to resolve this issue. The release of layer-2 off-chain options using rollups has been key in this drive. Most of these solutions, including Arbitrum and Optimism, have been critical in alleviating pressure from the mainnet, thus reducing gas fees. According to\u00a0<\/span>L2Beat<\/span><\/a>, layer-2 protocols manage over $18 billion as total value locked (TVL). There are also 34 active projects, with 23 more being developed.<\/span><\/p>\n

\"Ethereum
Ethereum layer-2 TVL | Source: L2Beat<\/figcaption><\/figure>\n

Among the big companies hitching the layer-2 ride is Coinbase, where through Base, users can transact cheaply while relying on the Ethereum mainnet for security. According to Borovik.eth, over 60% of Base’s revenue is from rollup fees charged, highlighting the importance of their scaling solution and the role Ethereum plays in all this.\u00a0<\/span><\/p>\n

Related Reading: Shiba Inu Whale Moves $45 Million In SHIB, Bullish?<\/a><\/p>\n

The upcoming Dencun Upgrade<\/a> set for integration next year will further slash layer-2 fees. Developers plan to release this update in the Goerli test network as early as mid-January 2024.<\/span><\/p>\n

Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Despite concerns over network congestion and high gas fees, Ethereum remains bullish in the long term, according to borovik.eth–a partner at Rollbit, who\u00a0posted on X on December 26. The key factors driving the positive outlook are pointing to Ethereum’s developer ecosystem, its role in the broader blockchain ecosystem, and the launch of numerous Layer-2 solutions (L2s).\u00a0 Will Layer-2 Activity Drive ETH To New Highs? Borovik.eth remained deviant and optimistic about ETH, even with Solana (OSL) and other layer-1 coins like Cardano (ADA) soaring in 2023. In the analyst’s view, Ethereum’s scaling challenges are manageable, believing that developers will find ways of “resolving this concern permanently over the long term.” Related Reading: Worldcoin Shows Bullish Breakout, Analyst Predicts 80% Rally Based on this optimism, the Rollbit partner believes that ETH will likely recover strongly in the coming sessions considering the level of development, especially of layer-2 scaling options meant for the pioneer smart contract platform. According to Borovik.eth, the development of layer-2 off-chain options backed by massive companies, for instance, Coinbase, a crypto exchange, and venture capitalists (VCs), positions Ethereum (ETH) favorably for a bull run. As of December 26, ETH remains in an uptrend but is cooling off after solid gains in Q4 2023. At spot rates, ETH is underperforming most layer-1 platforms like Injective Protocol (INJ) and Solana (SOL), whose prices rallied, reaching new 2023 highs. ETH prices are still trending below $2,400, a critical resistance level. If bulls overcome this line, ETH may fly towards $3,500 or better in the months ahead. The spike in SOL’s valuation, especially in H2 2023, has led to a comparison with ETH. Even so, most traders are optimistic. Arthur Hayes recently stated that users should begin rotating funds from SOL to ETH, an endorsement of the second most valuable coin by market cap. Ethereum Layer-2s Manage Over $18.8 Billion While Ethereum faces challenges around on-chain scaling, developers have been working hard to resolve this issue. The release of layer-2 off-chain options using rollups has been key in this drive. Most of these solutions, including Arbitrum and Optimism, have been critical in alleviating pressure from the mainnet, thus reducing gas fees. According to\u00a0L2Beat, layer-2 protocols manage over $18 billion as total value locked (TVL). There are also 34 active projects, with 23 more being developed. Among the big companies hitching the layer-2 ride is Coinbase, where through Base, users can transact cheaply while relying on the Ethereum mainnet for security. According to Borovik.eth, over 60% of Base’s revenue is from rollup fees charged, highlighting the importance of their scaling solution and the role Ethereum plays in all this.\u00a0 Related Reading: Shiba Inu Whale Moves $45 Million In SHIB, Bullish? The upcoming Dencun Upgrade set for integration next year will further slash layer-2 fees. Developers plan to release this update in the Goerli test network as early as mid-January 2024. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":566591,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[87903,12332,1393,90989,8323,1946,6931,78803,79567,90988,83626,85361],"class_list":["post-567032","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-base","tag-cardano","tag-coinbase","tag-dencun-upgrade","tag-eth","tag-ethereum","tag-ethereum-price","tag-ethusdt","tag-layer-2","tag-rollups","tag-solana","tag-solana-price"],"acf":[],"yoast_head":"\nForget High Gas Fee Challenges, Ethereum Remains Bullish: Time To Buy More?<\/title>\n<meta name=\"description\" content=\"Ethereum, despite scalability and gas fee challenges, remains bullish primarily because of layer-2 developments like Base and 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Forget High Gas Fee Challenges, Ethereum Remains Bullish: Time To Buy More?","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-remains-bullish-gas-fees\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-remains-bullish-gas-fees\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/iStock-1325173676.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/iStock-1325173676.jpg?fit=2120%2C1414"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["base","cardano","coinbase","dencun upgrade","eth","ethereum","ethereum price","ethusdt","layer 2","rollups","solana","solana price"],"dateCreated":"2023-12-27T00:00:58Z","datePublished":"2023-12-27T00:00:58Z","dateModified":"2023-12-27T00:00:58Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Forget High Gas Fee Challenges, Ethereum Remains Bullish: Time To Buy More?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-remains-bullish-gas-fees\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-remains-bullish-gas-fees\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/iStock-1325173676.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/iStock-1325173676.jpg?fit=2120%2C1414\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"base\",\"cardano\",\"coinbase\",\"dencun upgrade\",\"eth\",\"ethereum\",\"ethereum price\",\"ethusdt\",\"layer 2\",\"rollups\",\"solana\",\"solana price\"],\"dateCreated\":\"2023-12-27T00:00:58Z\",\"datePublished\":\"2023-12-27T00:00:58Z\",\"dateModified\":\"2023-12-27T00:00:58Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/iStock-1325173676.jpg?fit=2120%2C1414","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/567032"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=567032"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/567032\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/566591"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=567032"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=567032"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=567032"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}