Ethereum price near 2021 highs
Bitcoin springs back after Jan 11 slump
Mark Cuban complains of High Gas Fees in Ethereum
synthetic to launch Layer-2 staking
Trending News: Bitcoin Recovers, Mark Cuban Complains of High Gas Fees in Ethereum while Synthetix goes Layer-2
The Bitcoin and crypto prices continue to see-saw. For BTC, however, its ranges are wider—at over $10k.
Since plunging to around $30k early this week, it seems like bulls took every opportunity to load up on dips, pushing back prices to around $40k as of writing.
Amid this expected propulsion is the increasing belief in Bitcoin by firms.
A while back, they couldn’t consider BTC as an investable asset. Even with a 10 feet pole, they could touch the digital asset. However, times are changing, and the coin has backing from billionaires and hedge funds.
A recent survey indicates that more financial firms are increasingly leaning towards BTC and crypto as they seek exposure. They cite their superior returns and scarcity, a factor that’s key as a hedge to inflation.
Mark Cuban Complains of High Gas Fees
Bitcoin’s gains also fanned demand for Ethereum. The platform got support from a crypto critic. Billionaire Mark Cuban, after all, has been watching the space.
He knows DeFi and, interestingly, the prohibitive Gas fees plaguing Ethereum. In a tweet, he said although spot crypto prices bear similarities with the dot com bubble if push comes to shove and prices crash, only Bitcoin and Ethereum may survive.
However, he adds that Ethereum has a Gas problem.
This is an ongoing concern that developers are searching for intermittent solutions like Optimistic Rollups (ORUs) before Serenity to better user experience.
Synthetix Enables Layer-2 Staking
Desirous of improving, Synthetix is implementing ORUs for staking before it enables token swapping via Castor.
The release will go live on Jan 14, introducing several benefits, most importantly for clients, is the slash of transaction fees. As of writing (Jan 14), the SNX/USD price is one of the top performers in the top-20.
Other notable performers are Cardano (ADA), Polkadot (DOT), and Dogecoin.
Ethereum Price Analysis
The ETH/USD is bullish, adding 14 percent on the last day. Week-to-date, ETH is stable versus the greenback but still trails BTC.
Although bears flew early this week, buyers are in control as long as prices are trading above $1k. From the 4-HR chart, prices are higher high.
Notably, the ETH/USD is reversing from the 61.8 percent of the Jan 2021 range. The climactic sell-off of Jan 11 suggests a possible end of the bear trend and resumption of bulls.
Historically, and based on Fibonacci retracement and extension tools, the first bull target will be $1.35k. This is Jan 2021 highs. Often, a drop to within the 50 to 61.8 percent Fibonacci retracement leads to a retest of previous highs. In this case, that is $1,350.
If bulls break above Jan 2020 highs with relatively high trading volumes, the ETH/USD price might reach $1,750; a precursor for $2k in a FOMO.
Chart Courtesy of Trading View
Disclosure: Opinions Expressed Are Not Investment Advice. Do Your Research.
Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies.