Key Notes
- Vitalik proposes EIP-7983 to cap gas per transaction for stability and future tech.
- Whale withdraws 1,900 ETH from Binance to stake, suggesting long-term confidence.
- ETH targets $2,800 short-term with analysts projecting $3,500 in the coming weeks. .
Ethereum ETH $2 563 24h volatility: 1.9% Market cap: $309.42 B Vol. 24h: $13.78 B has started the week on a strong note, bouncing back from its weekend dip and briefly crossing $2,600 earlier on Monday. At the time of writing, ETH is trading around $2,585, up by 2.8% in the last 24 hours.
ETH’s 24-hour trading volume has surged by 70% to $15.14 billion, reflecting renewed interest in the market.
The rise comes amid ecosystem optimism as Ethereum co-founder Vitalik Buterin announced a new proposal, EIP-7983, during the Ethereum Community Conference.
The proposal would enforce a protocol-level gas cap on individual transactions. It aims to enhance Ethereum’s long-term stability, security, and compatibility with emerging technologies.
Vitalik explained that Ethereum and the crypto space need “practical, user-centered safeguards” as they move toward mass adoption.
A protocol-level gas cap would protect users from spikes in transaction fees while ensuring Ethereum remains accessible and decentralized.
Whale Movements Signal Confidence
On-chain data from The Data Nerd shows that whale address 0x1fc withdrew 1,900 ETH, worth around $4.86 million, from Binance to stake.
The exchange exit move suggests a notable accumulation trend, indicating whales are preparing for a bullish leg. Interestingly, the whale currently holds a total of 6,989 ETH at an average entry of around $2,507.
Ether price has been following a Wyckoff accumulation pattern since early June, with a local top near $2,900 and a capitulation below $2,100.
Popular crypto analyst Cas Abbe noted that if ETH manages a daily close above $2,800, it could reach $3,500 within weeks.
ETH Price to Surge?
On the daily ETH price chart, the RSI is suggesting neutral-to-bullish momentum with room to move before hitting overbought levels.
ETH price chart with RSI and Bollinger Bands | Source: Trading View
Bollinger Bands are tightening near $2,580, hinting at an impending breakout. The upper band around $2,645 acts as a resistance with a near-term target of $2,900–$3,000 . However, traders should eye the lower band, with $2,300 support acting as a strong buy zone.
Meanwhile, the MACD shows a fresh bullish crossover, with the MACD line moving above the signal line. Though flat, the green histograms suggest growing market growth.
ETH price chart with MACD | Source: Trading View
