Ethereum Witnesses Uptick After Finding Support at $2197 Level

• At the time of writing, ETH is trading at $2284, up 2.02% in the last 24 hours.
• If the price manages to go above $2301 then the price will likely test $2342 level.

The co-founder of Solana, Anatoly Yakovenko, brings attention to a new age of engagement between Solana and Ethereum. Solana is Ethereum, in his opinion. The path for crypto interoperability is laid forth by this remarkable notion.

Crypto experts have long seen Solana as a potential rival to Ethereum. However, the story is shifting due to recent remarks made by Yakovenko.

The co-founder recently posted on twitter suggesting that Solana may be more than just Ethereum’s rival, broadening the scope of the cryptocurrency blockchain. In particular, Yakovenko evaluates the possibility of Solana serving as Ethereum’s layer 2.

Highly Anticipated Upgrade

According to analysts, Ethereum’s ecosystem development will be boosted by the next major update in January. Features that improve the efficiency of bridges and staking protocols, decrease the number of times smart contracts self-destruct, and lower Ethereum mainnet transaction costs are anticipated to be included in the Dencun Upgrade.

This development is anticipated to have a significant positive impact on Ethereum layer 2 projects such as Optimism and Arbitrum.

In terms of transaction costs, Bitcoin has surpassed Ethereum, and its price has returned to levels seen during the cryptocurrency bubble of 2017. Bitcoin’s average weekly fees of $19 million is far above Ethereum’s $14 million.

At the time of writing, ETH is trading at $2291, up 2.02% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 2.51%.

Source: CoinMarketCap

If the price manages to go above $2301 then the price will likely surge further to test $2342 resistance level. However, if the bears pull the price below $2193 level then it will likely test the $2154 support area.