Ethereum Holds $2,500 Price Amid Increased Futures Liquidations; Dencun Upgrade Deployed on Goerli Testnet
Summary:
Despite increased futures liquidations, Ethereum (ETH) maintains a price above $2,500 with ETH shorts liquidated at $15.03 million against $5.3 million long liquidations. Data indicates a weekly +22.4% increase in Ethereum's price dominance against Bitcoin and the creation of roughly 89,400 new Ethereum addresses daily. Furthermore, Ethereum's latest upgrade, "Dencun," has been introduced on the Goerli testnet, promising transaction cost deductions and new system features.
The value of Ether (ETH) remains steadfastly above $2,500, in spite of observably increased futures liquidations. On January 16, $15.03 million in ETH shorts were liquidated, compared to $5.3 million long liquidations, according to Coinglass data monitoring source. This development mirrored a surge in the ETH/USD pair, breaking the $2,500 resistance point to touch a high of $2,614. Glassnode, an on-chain analytics firm, provided further data showing the ascendancy of short over long liquidations on this same date.
A recent 10xResearch report unveils the rise in Ether’s open interest since the year’s commencement, with ETH open interest growing from 21.8% to 26.5%. Bitcoin open interest, on the other hand, remained relatively stagnant. The report also revealed Bitcoin's below 50% dominance, hinting the potential for altcoins to outperform Bitcoin.
Data from Santiment, an on-chain data provider, indicates a sharp +22.4% weekly increase in Ethereum's price dominance against Bitcoin. Markedly, nearly 89,400 new Ethereum addresses were created daily during the same period, highlighting the growth of the Ethereum platform. The quantity of Ethereum on exchanges is nearing an all-time low of 8.05%, implying a reduction in the possibility of a forthcoming sell-off.
Ethereum's latest network upgrade, code-named “Cancun-Deneb” or “Dencun,” has been deployed on the Goerli testnet, according to Ethereum developer Parithosh Jayanthi, via a social media post on January 17. The upgrade, EIP-4844, is set to significantly reduce transaction costs on Ethereum layer 2s, such as Optimism, Base, and Polygon zkEVM. This upgrade will also control self-destruct actions and permit new bridge and staking pool features.
Additionally, it is expected that the next significant step in Dencun’s testing timeline, its implementation on the Sepolia testnet, will occur on January 30. Following this, the Holesky testnet will see the implementation on February 7. However, the mainnet implementation date is yet to be proclaimed. This news does not advise or recommend investments. All investments and trading moves bear risk, and independent research should guide all decisions.
Published At
1/18/2024 1:45:00 AM
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