Ethereum News: Cryptocurrency exchange is one of the most striking forms of investment both in our world and in our country. Investors prefer to invest their money on the cryptocurrency exchange. Ethereum, one of the favorite altcoins, was on the rise over the weekend and tested the 2,400 resistance again; however, gains were quite modest as they remained consolidated on Sunday. After bottoming at $2,230.95 and $2,154.60, it closed the week at $2,223.15.
A report from Ernst & Young, a London-based multinational professional services firm, on ETH testing the 2,400 resistance again on Friday, suggested that it has open-sourced the prototype code for its Ethereum Layer 2 solution Nightfall 3.
Rollups are designed to take the overhead of processing the main blockchain Ethereum (Layer 1) and shift it to a secondary layer (Layer 2). The main idea behind this mechanism was to release the Ethereum blockchain to increase scalability and throughput.
What do experts say about ETH?
According to a report from JP Morgan, an American investment bank and financial services holding company, Ethereum upgrades could fuel a $40 billion staking market.
JP Morgan estimates that the staking market is currently valued at $9 billion, and that number could rise to $40 billion by 2025.
In the first years after the launch of Ethereum 2.0, it is expected that the coin will gain more adoption and see a $20 billion increase in staking payments, which could reach $40 billion by the end of 2025.
There may be more than one possibility among the reasons for the rise of ETH
The dollar was under pressure on Friday as the US Labor Department employment report indicated a rise in the unemployment rate in June.
The US Dollar Index dropped to 92.24 from its daily high of 92.74, weakening the dollar against major rival currencies and consequently supporting the rise in ETH value.
The reason for the increase in ETH prices may be the weakness of the dollar, while on the other hand, Bitcoin has regained the $35,000 level. While most other altcoins have seen gains as well, Ethereum surged above $2,300 for the first time since June 15.
ETH, which maintains its uptrend in its general outlook, seems to be trying to build a support point at these points. However, a return to the $2,045 support level will fail the bullish expectations.