Ethereum collapses amid an increase in the gas limit in the network

Ethereum validators ETH $2,733.22 Bridged Ether (StarkGate) -2.38% Market capitalization $0.24 billion VOL. 24 hours $2.46 billion have agreed to increase the gas limit on the network beyond 30 million units to improve scalability. Over the past 24 hours, this figure has reached 32 million in several blocks, and more than half of the network participants have supported the change. The update was made without a hard fork and allows for more transactions within a single block or faster processing of complex calculations.

Following the changes, Ethereum co-founder Бутерін" href="https://noworries.news/biography/vitalij-buterin/" data-bio-id="3642">Vitalik Buterin congratulated developers who are working to optimize the main blockchain. He also noted that the Pectra update will be released in March, which will improve the efficiency of the L2 layer by increasing the number of temporary storages for transactions.

Amid the update and the sharp decline in the digital asset market over the past two days, investors have withdrawn more than 250,000 ETH from exchanges. In addition, spot Ethereum ETFs in the United States recorded inflows of $ 83.6 million.

As for the price of the leading altcoin, Ethereum is currently trying to return to the range of $ 2,800−3,000, but is facing strong resistance from sellers. Technical analysis shows that if the rate closes below the lower boundary of the symmetrical triangle, it could trigger a long-term downward trend. At the same time, a breakout of $ 4100 could open the way to a new high of $ 7000.