Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ETHEREUM NEWS»Forget about high gas bills. Ethereum Still Bullish: Is It Time to Buy More?
ETHEREUM NEWS

Forget about high gas bills. Ethereum Still Bullish: Is It Time to Buy More?

By Crypto FlexsDecember 27, 20233 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Forget about high gas bills.  Ethereum Still Bullish: Is It Time to Buy More?
Share
Facebook Twitter LinkedIn Pinterest Email

Despite concerns about network congestion and high gas fees, Ethereum remains strong over the long term, according to Rollbit partner borovik.eth. Posted Key factors driving the positive outlook point to Ethereum’s developer ecosystem, its role in the broader blockchain ecosystem, and the launch of numerous layer 2 solutions (L2).

Will layer 2 activity push ETH to new highs?

Borovik.eth has maintained a deviant and bullish stance on ETH despite other layer 1 coins such as Solana (OSL) and Cardano (ADA) surging in 2023. In the analyst’s view, Ethereum’s scaling issues are manageable and developers “will permanently address these concerns in the long term.”

With this optimism, Rollbit partners believe that ETH will recover strongly in the coming sessions, especially considering the level of development of layer 2 scaling options for the pioneering smart contract platform. According to Borovik.eth, development of layer 2 off-chain options supported by large enterprises such as CCryptocurrency exchange oinbase and venture capitalists (VCs) are positioning Ethereum (ETH) favorably for a bull market.

As of December 26, ETH is maintaining an upward trend, but is cooling off after a solid rally in the fourth quarter of 2023. At spot rates, ETH underperforms most layer 1 platforms such as INJ (Injective Protocol) and SOL (Solana). New record in 2023. ETH price is still falling below the important resistance level of $2,400. If bulls overcome this line, ETH could fly above $3,500 in the coming months.

Ethereum price is trending sideways on daily chart | Source: ETHUSDT on Binance, TradingView

In particular, the surge in value of SOL in the second half of 2023 has led to comparisons with ETH. Nonetheless, most traders are optimistic. Arthur Hayes recently stated that users should begin rotating their funds from SOL, which underwrites the second most valuable coin by market capitalization, to ETH.

Ethereum Layer-2 manages over $18.8 billion.

Ethereum is facing issues with on-chain scaling, but developers have been working hard to resolve these issues. The launch of layer 2 off-chain options using rollups was central to this drive. Many of these solutions, including Arbitrum and Optimism, have been instrumental in reducing gas costs by relieving pressure on the mainnet. According to L2Beat, the Layer 2 protocol manages over $18 billion in Total Value Locked (TVL). There are also 34 active projects and 23 more in development.

Ethereum Layer-2 TVL |  Source: L2Beat
Ethereum Layer-2 TVL | Source: L2Beat

Among the larger companies looking to adopt Layer 2 is Coinbase, which allows users to trade cheaply while relying on the Ethereum mainnet for security. According to Borovik.eth, over 60% of Base’s revenue comes from the roll-up fees charged, highlighting the importance of scaling solutions and Ethereum’s role in all of this.

Related Read: Shiba Inu Whale Moves $45 Million From SHIB Are you optimistic?

Dencun upgrades scheduled to be integrated next year will further reduce Layer 2 costs. The developers plan to release this update on the Goerli test network as early as mid-January 2024.

Featured image from Canva, chart from TradingView

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Hash research CEO is appointed chief policy officer at the presidential office

June 7, 2025

Ether Leeum’s imminent brake out in major chart patterns

June 6, 2025

Bitcoin dives for less than $ 102K in fading momentum and macroscopic uncertainty.

June 6, 2025
Add A Comment

Comments are closed.

Recent Posts

Solana (SOL) introduces Alpenglow for faster blockchain agreement.

June 7, 2025

The Foresight Ventures report shows a collection shift where more than 32,000 sellers around the world accept encryption.

June 7, 2025

$ AB is live on Binance, guiding the new era of new cross chain asset mobility.

June 7, 2025

Trump memoin is faced with a $ 520m lock in July and the price drops by 85%.

June 7, 2025

Vaneck launches GPZ ETF for alternative asset managers.

June 7, 2025

Apple, X, Airbnb Eye Stablecoin Integration

June 7, 2025

Strategy to raise almost $ 1B by STRD priority proposal for BTC accumulation

June 7, 2025

Hash research CEO is appointed chief policy officer at the presidential office

June 7, 2025

Thorchain integrates the director of the XRP to facilitate the distributed swap.

June 7, 2025

Thorchain integrates the director of the XRP to facilitate the distributed swap.

June 7, 2025

Coinbase adds a pancake swap to Roadmap to Surges for BNB Chain Dex to record $ 173,000,000 in monthly.

June 7, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Solana (SOL) introduces Alpenglow for faster blockchain agreement.

June 7, 2025

The Foresight Ventures report shows a collection shift where more than 32,000 sellers around the world accept encryption.

June 7, 2025

$ AB is live on Binance, guiding the new era of new cross chain asset mobility.

June 7, 2025
Most Popular

Economist predicts ‘news sell’ event on Fed’s 25 basis point rate cut

September 13, 2024

Hollywood Agency Teams Up with AI Company Loti to Combat Deepfake Threat

April 4, 2024

Bitfinex Version 1.99 Released: Performance and UI Improvements

July 7, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.