Ethereum Price Prediction: ETH developers predict the rollup cost of the Dencun upgrade will be 10x lower as investors head into this AI pre-sale with only hours left.

Ethereum price fell It is up 3% in the last 24 hours and is trading at $2,344.29 as of 11:50 PM ET.

Ethereum testnet hits with Dencun upgrade

The Ethereum ecosystem is moving closer to much lower gas fees and faster transaction speeds for layer 2 rollups. Tenkun The upgrade will go live on three testnets in early 2024. The first testnet to implement the upgrade was the Goerli network on January 17th. It included the implementation of nine different Ethereum Improvement Proposals (EIPs).

These proposals enable photo storage and blob transactions, among other improvements set to increase Ethereum’s scalability. The Sepolia and Holesky testnets will undergo Dencun upgrades after successful implementation on Goerli.

Nebojsa Urosevic, co-founder of Ethereum development platform Tenderly, said in an interview with Coin Telegraph that the Dencun upgrade will enable significant storage improvements on the network. As a result, he added, “Dencoon will lower roll-up transaction costs by up to 10 times, depending on blob space demand.”

Ethereum price fell below the bearish channel.

ETH/USDT 4-hour chart (Source: TradingView)

that much Ethereum The price fell below the $2,440 support level in the last 48 hours. After breaching this critical point, the price of the major altcoin plummeted to the $2,295 support level. ETH has also broken out of its medium-term negative price channel.

Some traders have identified the current Ethereum price as a buying opportunity as the cryptocurrency rebounded from the $2,295 support level early in today’s trading session. If this newfound bullish momentum continues in the near term, ETH could re-enter the price channel.

If a 4-hour candle closes within this range over the next 24 hours, ETH could rise towards the aforementioned $2,440 level in the coming days. Reclaiming the $2,440 support could set up Ethereum price to break the bearish channel with a possible near-term rise to $2,685.

This bullish argument may be invalidated if the Ethereum price is unable to close the 4-hour candle within the descending price channel within the next 24 hours. Another situation that can prevent a bullish move from occurring is: ETH It falls below $2,295 in the next 72 hours.

Reclaiming positions within the price channel would be a bullish development, but Ethereum price would need to overcome the overwhelming selling pressure that created the downward price channel before rising to key resistance levels.

Technical experts suggest a pause in ETH’s bearish trend.

Technical indicators on ETH’s 4-hour chart suggest that the altcoin’s negative trend may be experiencing a short-term bullish reversal. Both Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) show that buyers are starting to regain their strength, outperforming ETH sellers.

The RSI line is approaching the simple moving average (SMA) line, which could be an early sign that the bulls are gaining ground over the bears. These two lines crossing over the next few days could be the first sign of a bullish trend reversal.

Traders and investors will also want to keep an eye on the MACD line, which is rising towards the MACD signal line. This line may lead to a crossover after the RSI line and the SMA line cross. These technical flags and a breakout of Ethereum price above 2,440 could be a long entry signal.

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